Xero vs TaxTank

Xero vs TaxTank

The time when most Australians are required to lodge a tax return is fast approaching. Instead of giving way to the stress at tax time, it’s time to take some financial control and choose a tax platform that makes it possible to lodge the best possible tax return with speed, accuracy, and ease. When trying to find the best tax platform to lodge your tax returns, you could begin to contemplate how Xero compares to TaxTank.

Xero has been designed for accounting and bookkeeping professionals who prepare and lodge online tax returns and activity statements for their clients. Xero is for business. In comparison, TaxTank is designed for Australian taxpayers looking to get the most out of their tax returns. TaxTank is for the people. Whether you’re in business or just wanting to take some financial control in your life. TaxTank has you covered when it comes to getting the best possible tax return. 

To see how these two different tax help platforms compare, let’s compare them in terms of price, functionality, as well as special features.

TaxTank

TaxTank is a software company dedicated to creating solutions to help everyday Australians claim their fair share, legally. TaxTank has broken down the tedious activity of an individual tax returns and all its schedules into really cool software that is super easy to use and understand. 

Xero

Xero is software for accounting and bookkeeping professionals who prepare and lodge online tax returns and activity statements for their clients.

Pricing

TaxTank has been built as a modular system, so you only pay for what you need. The Essentials subscription is only $9/month and then you can add or upgrade as your financial situation requires.

To conduct tax returns in Xero you will need to start with the Xero tax account option. It starts at $71/month which might suit an accountant but for the Australian taxpayer, it is not cost-effective. 

At $9/month TaxTank provides a more affordable, user-friendly and feature-rich service for lodging your tax returns effectively. Its modular, so adding on ‘tanks’ for specific incomes like properties and sole trader income is completely flexible.

Capabilities

A tax platform is the most important asset you have in developing a seamless tax experience at tax time. It should not only guide users through their input of data, but also provide them with the tools they need to get the best outcome for their tax return.

Xero lets you invite your accountant. TaxTank also lets you invite your accountant to completely take the hassle out of tax time, as well as your advisors, property groups and even your broker to share information seamlessly.

Detailed itemisation

TaxTank guides both new and experienced users through the process of filing their tax returns online with its MyTax report. Its user interface and navigation options are superior to Xero. Basically, TaxTank has reverse engineered the individual tax return in user friendly tanks and created a really nice frontend to make tax fun. Xero only offers both standard and customisable reports geared around business accounting. Xero is focused on making business beautiful, not minimising your tax and claiming every possible deduction.

Live data feeds

TaxTank provides access to live data feeds, so does Xero, but TaxTank has integrated with CoreLogic to provide reports on equity and growth forecasts for properties (which Xero doesn’t do).

Secure document storage

TaxTank offers permanent document storage. Xero offers safe and secure cloud storage capacity, but it is at an increased cost. 

TaxTank gets you the best possible tax returns

Every professional tax platform should provide speed, security, and stability. Choosing the right tax platform is an important decision. 

  • Speed – TaxTank has superior process efficiency and time-saving.
  • Security – As a tax platform, it’s important to keep your user’s data secure. TaxTank offers permanent and secure document storage.
  • Stability – Lodge through MyTax with 100% confidence. 

Final thoughts

If you want to learn more about how to optimise your tax return, visit TaxTank today. With our easy-to-use platform and expert support, we’ll help you get the most out of your tax return this season.