MYOB vs TaxTank

MYOB vs TaxTank

Tax time is looming, and stress levels are rising for Australian taxpayers who want a fast and accurate way to lodge their tax returns. Consequently, choosing the best tax software for lodging your tax returns is crucial. By choosing TaxTank to help you with your tax returns, this year, you’ll ensure that you claim every possible deduction to which you are entitled.

As you set out to find the best tax platform, you may wonder how MYOB compares to TaxTank. MYOB is designed for small to medium business owners and provides tax, accounting, and other business service software. Whereas TaxTank is designed for Australian taxpayers looking to get the most out of their tax return. TaxTank combines all the powerful features of a dedicated accountancy software package, such as real-time reporting and smart forecasting into one platform that is both intuitive and easy to use.   

TaxTank

TaxTank is a software company dedicated to creating solutions to help Australian taxpayers claim their fair share, legally. TaxTank has broken down the tedious activity of tax returns into cool software that is super easy to use and understand. 

MYOB

MYOB has been designed for accountants and bookkeepers. It provides tax, accounting and other business services software to small and medium businesses.

To see how these two different tax help software packages stack up, let’s break them down by comparing such factors as price, functionality, as well as their special features.

Pricing

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

To conduct tax returns in MYOB you will need to start with the base model account office suite. It starts at $120/month. This might suit an accountant who gets paid to complete your tax return for you. However, for the Australian taxpayer, it is just not cost-effective. At $9/month TaxTank provides a more affordable, user-friendly, and feature-rich service for lodging your tax returns effectively. 

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 taxpayers with the tools they need to get the best outcome for their return.

Secure document storage

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

Live data feeds

TaxTank provides access to live data feeds, but MYOB does not have this capability as yet. 

Detailed itemisation

TaxTank guides both new and experienced users through the process of filing their tax returns online. Its user interface and navigation options are superior to MYOB. MYOB only offers a range of reports to track lodgements. However, it becomes tricky when you want to begin customizing these.

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.