Every end of financial year, Australians eagerly await a potential tax refund, yet billions of dollars in unclaimed expenses remain on the table. A tax app could be the key to ensuring you claim the right amount and maximise your refund.
Gone are the days of drowning in paperwork and battling confusing tax forms. With the magical powers of the tax app, managing your finances becomes a breeze. Picture this: no more late-night stress sessions, no more headache-inducing calculations, just pure, unadulterated financial joy!
“But why should I jump on the tax app bandwagon?” you ask. Well, buckle up, because we’re about to take you on a wild ride through the wonderful world of tax apps, where numbers transform into pure excitement!
What are the top tax apps in Australia?
In Australia there are many apps to choose from, with varying costs and feature lists. So how do they stack up?
myDeductions (linked to myTax)
Cost – Free
The ATO myDeductions tool is a free option, but it differs from others as it doesn’t involve an accountant for maximising refunds. Users can record expenses, deductions, vehicle trips, and income for sole traders. Additionally, the app allows the upload of photos of receipts and invoices, giving users the flexibility to either self-lodge or forward the information to an accountant.
Using myDeductions in conjunction with myTax comes with a few downsides. Firstly, it’s most suitable for those with straightforward tax situations. Even then, there’s no assurance that you’ll snag the optimal tax refund tailored to your unique circumstances. If you’ve got investment income, rental properties, or capital gains, navigating myTax for the best refund isn’t a walk in the park.
Secondly, myTax leaves you high and dry when it comes to support during the lodgment process. You’re pretty much on your own if questions pop up or if you hit any roadblocks.
Another snag is that myTax relies on net amounts, putting the burden on you to calculate deductions. This demands a good grasp of current tax laws to ensure you nail it down correctly.
TaxTank
Cost – Subscriptions start from $6 per month
TaxTank stands out as a user-friendly, cloud-based tax app suitable for any tax situation. Featuring smart tax tools and live bank feeds, TaxTank eliminates guesswork. Automated bank feeds ensure no deduction goes unnoticed, providing real-time accuracy. TaxTank is also 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 can also effortlessly track your incomes, expenses, properties, shares, and cryptos, all in a single, organised hub so you can make informed financial decisions without the hassle. TaxTank also has permanent archive for all your receipts and documents so you never have to worry about the ATO.
TaxTank’s user interface and navigation options are built for individuals not accountants, so it’s much easier to manage your tax every year.
TaxTank also provides simple reports for vehicles, properties, depreciation and even a myTax report to make self lodgment an absolute breeze for individuals. Or you can invite your accountant for a hassle-free tax time.
TaxFox
Cost – Free for some features, subscriptions start from $8 per month
Launched in July 2020, TaxFox maximises deductions with job-specific tips, enabling users to benchmark their deductions against peers. The app accommodates logging working-from-home hours and associated expenses, along with easy receipt storage. You can add bank accounts but each subscription tiers has limits on linking bank accounts to unlimited receipts and work-from-home days.
H&R Block
Cost – Starts from $29
H&R Block’s Online Tax Platform suggests deductions, allows accountant reviews, and offers online professional consultations. Pricing tiers start from $29 for incomes up to $30,000, with varying levels catering to different income and deduction ranges.
Etax
Etax’s app lets users snap and save receipts, contact accountants, and provides insights into common deductions based on occupation. With tax accountants overseeing files, Etax offers online tax returns starting at $78.49, with additional services tailored for low-income individuals and small businesses.
Choosing the Right Tax App for Your Needs
Maximising tax refunds in Australia is almost a national pastime, and the good news is that these costs are tax-deductible. For simple tax returns, the ATO’s app via MyGov may suffice.
However, if you’re aiming for more substantial deductions or have complex financial situations, investing in specialised tax apps becomes valuable. Apps like TaxTank prove beneficial for intricate work-from-home arrangements, multiple deductions, income streams, and diverse investments. Try TaxTank for free for 14 days.
