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The 5 Best Tax Apps in Australia

Person at coffee shop on iphone using tax app for crypto trades
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 (Recommended)

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 effortlessly track your income, expenses, properties, sole trader business, shares, and cryptos, all in a single, organised hub so you can make informed financial decisions without the hassle. TaxTank’s powerful features include automated income and expense allocation, capital gains tax calculations, and automated depreciation schedules. For sole traders, you can create and send invoices from the platform, ensure any business assets are depreciated correctly and know exactly how much tax you need to pay.
It also helps you manage your personal finances, keeping you on top of your budget and make informed financial decisions.
TaxTank provides a range of comprehensive reports to streamline your tax management, including:
  • Transactions Report: Detailed report of all allocated financial transactions.
  • MyTax Report: Interactive report that enable you to self lodge faster, easier and more accurately online without the stress.
  • Net Asset Report: Summarises your net assets for a clear financial picture.
  • Property Schedule: Compliant property schedule detailing incomes, expenses and depreciation for each property and ownership percentage.
  • Depreciation Report: Report of all depreciating of assets over time.
  • Low Value Pool Report: Report showing the new assets valued between $301 and $1,000 and existing assets that fall below the $1,000 threshold
  • Capital Gains Tax Report: Report with all of the calculated net capital gains across all asset classes, including the application of losses and eligible concessions
  • Business Schedule: Provides a compliant schedule detailing profit and loss for each primary and non-primary production sole trader business
  • BAS Report: Summarises your GST obligations from applicable sales and purchases to enable accurate ATO lodgements
TaxTank also has a permanent archive for all your receipts and documents so you never have to worry about an audit from the ATO.
Whether you're managing personal finances or running a sole trader business, TaxTank makes tax time hassle-free with its extensive reporting and easy-to-use interface. You can also invite your accountant for a seamless tax experience.
Person at coffee shop on iphone using tax app for investment property

TaxApp

Cost – Free for clients

TaxApp is an accounting firm in Sydney that has developed an app that allows you to manually add income and expenses and create invoices to download and send to your clients. The app includes a logbook feature that enables you to easily record vehicle trips, plus your work-from-home hours for each period, ensuring accurate tracking and helping you stay organised.
TaxApp also offers a limited capital gains tax calculator. However, it does not support the application of exemptions, so you will still need to work with their accountants to get accurate calculations. Additional features include the ability to upload documents and sign them electronically, streamlining your financial record-keeping and communication.

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.

Etax

Cost – Starts from $78.49

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.

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TaxTank Reviews

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Important Tax Deadlines

For all incomes earned between 01 July 2023 – 30 June 2024.  

Tax returns can be lodged from 01 July 2024. You can prepare early with TaxTank so you know exactly what’s going on ahead of time.

For all incomes earned between 01 July 2022 – 30 June 2023.  

Tax returns are now OVERDUE.  

You can use TaxTank to get up to date and lodge with our partner accountants.

Tax returns are OVERDUE.  

You can use TaxTank to get up to date and lodge with our partner accountants.

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