MyTax vs TaxTank: Which can help you get a better tax return?

MyTax vs TaxTank: Which can help you get a better tax return?

There are a few avenues to explore when it comes to getting help to lodge your tax return online yourself. Sure, you could go down the path of totally winging it and lodge your MyTax tax return without help and hope for the best; however, this method provides no guarantee that you’ll get the best tax outcome or avoid an ATO audit.

You could get some help from a friend, loved one, neighbour, google, colleagues, anybody… But again, there is no certainty that the advice is accurate or the best solution for you to ensure you claim everything you’re entitle too.

But what if we said it wasn’t MyTax vs TaxTank. What if we said TaxTank is actually a neat little superpower that fills the gap between Tax Agents and MyTax so you can self-lodge with complete confidence.

Well, it’s true, this is exactly where a tax help software tool like TaxTank is leveling the playing field.

To help you make the best decision for your needs, we have compiled a comparison of TaxTank and MyTax. Keep reading to learn more about how one can help you nail the other!

How MyTax Works

MyTax is the ATO’s free online tax return lodgement service for individuals. To use MyTax, you need to have a myGov account. If you don’t have one, you can create one when you start your tax return. MyTax pre-fills some of your tax information using the data the ATO holds about you. This includes information from your employer, bank and other government agencies. You then need to review this information for accuracy, make any necessary changes (ATO makes mistakes too), and complete the rest of the fields (like your deductions). Once you’re happy with the information in your tax return, you can lodge it online.

The Pros and Cons of MyTax

The main advantage of using MyTax is that it’s free. If your tax situation is relatively simple, you may be able to lodge your return without paying for professional help. MyTax can also save you time as it pre-fills some of your information. If you’re happy to rely on what’s reported this means you don’t need to track down all your paperwork before you start your return.

However, there are some drawbacks to using MyTax. Firstly, it’s really only a viable option for people with a simple tax situation. Even then, there is no guarantee that you’re getting the best possible tax refund for your unique circumstances. If you have investment income, rental properties or capital gains, it’s not so easy to use MyTax to ensure the best possible tax refund. Secondly, MyTax doesn’t offer any support if you get stuck while lodgement your return. This means you’re on your own if you have any questions or run into problems.

MyTax also requires net amounts, meaning you need to calculate deductions yourself which requires some understanding of current tax laws to ensure you get it right.

TaxTank: The Better Alternative to MyTax

TaxTank is a user friendly, cloud based, tax tool that can be used by anyone, regardless of their tax situation. With built in smart tax tools and live bank feeds there is no more guessing. And this is the truly special thing about TaxTank: automated bank feeds guarantee none of your deductibles is missed, lost or forgotten. Not only does this ensure your information is always up-to-date and accurate, but it also gives you the best chance at getting the biggest tax refund possible.

And there’s another thing that TaxTank does that MyTax just can’t offer – TaxTank is the only tax platform on the market that lets you see your real-time tax position, every day of the year. This feature gives you a snapshot of where you stand in relation to the ATO so you can avoid any nasty surprises come tax time.

You’ll also have access to Property Tank for property schedules, transaction reports, vehicle schedules and the all-important MyTax report which will enable you to complete your tax return online via your MyGov account in minutes.

Oh one more thing, let’s not forget TaxTank’s permanent archive for all your receipts and documents. This means you’re protected from ATO audits year after year – something that can’t be said for MyTax…

TaxTank vs MyTax: Which is Right for You?

When it comes to things like investment property tax returns, live bank feeds, knowing your real-time tax position 24×7 all year around and being protected against ATO audits, TaxTank is the clear winner.

TaxTank offers a range of features that MyTax simply can’t match. So, if you’re looking for a tax help software tool that will give you the best chance at getting your maximum tax refund, TaxTank is the way to go!

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