TaxTank FAQs
Welcome to TaxTank’s FAQ section, your go-to resource for answers to some common questions about our tax and personal finance software.
Pricing starts from $6 per month. TaxTank is built as modular system, so you only pay for what you need. You can upgrade or downgrade your subscription as your personal finance situation changes so you are always in control.
If you’re talking about our built in smart tools, yes! If you’re talking about document retention, yes! If you’re talking about data integrity, yes! We take the rules and make them simple.
Xero and MYOB are for business and companies. TaxTank is for those who need to lodge an individual tax return every year, including Sole Traders.
It sure is, your security has been our #1 priority from the start! We prioritise security to provide our users with the highest level of assurance. Our comprehensive security framework encompasses various measures to protect your data and ensure the integrity of our platform.
The sooner you get started the better! If you start later in the tax year you can easily import earlier bank account transaction to ensure nothing is missed.
Some early adopters out there may be quicker, but for us novices probably 10 minutes. Then give yourself an additional 10 minutes per property. A little bit of work straight up but trust us – it’s totally worth it!
Absolutely, we have a plethora of support articles, webinars, and video tutorials. Don’t worry, we have thought of everything.
Not at all, that’s why we have come to the rescue. Tax has always been so boring and convoluted; we have broken it down into cool software that is super easy to follow and understand. If you can log into your internet banking, you can use TaxTank.
Yes! The rules say expenses relating to preparing and lodging your tax return and activity statements include the costs of purchasing software to allow the completion and lodgement of your tax return. You must apportion the cost of the software if you also used it for other purposes.
Not yet, but we are trying! The ATO don’t want to play with us right now, but since TaxTank helps with compliance, we know we could save taxpayers a lot of money on both sides of the fence.
TaxTank officially starts from the 2020-21 financial year so you can most certainly go back and add data from those years if needed.
You can also add as many documents you want to from previous years to cover all bases.
Absolutely! You simply select your residency for tax purposes when you onboard, so tax calculates correctly.
Currently we have a CGT calculator for when you sell a Property, Shares and Crypto.
Each user will need their own account to calculate their individual tax.
Absolutely add your home! TaxTank lets you monitor all of your properties, including your home and trusts so you can track performance and make informed decisions.
Yes, you can! TaxTank lets you setup portfolio’s that don’t impact tax (like Trusts, SMSF’s & your own home).
We partner with Basiq, one of Australia’s largest providers of Open Banking, so we now have access to over 135+ banks. As more come onboard with the Open Banking protocols, they will automatically get added to TaxTank.
By answering a few simple questions TaxTank works out your percentage of claim which auto applies to property expenses and eliminates mistakes. If things change you simply update your answers – we have totally got you covered!
TaxTank gives the power to the people! It also gives power to accountants to provide real time advice, instant access to client information and faster turnaround times – win win win. The choice is yours!
If your accountant doesn’t already use TaxTank we will send them an invitation to let them know you’re waiting!
If you have both sole trader income and PAYG income, we would recommend you look at using Work Tank and Sole Tank together so you can understand your complete tax position. Our live tax summary will keep you be informed of your tax throughout the year so there are no more tax surprises when it comes to the end of financial year.
If you’ve been looking for an alternative Pocketbook since they shut up shop, then look no further. TaxTank not only lets you manage your personal finance, but it is the ONLY software on the market that shows you your real-time tax position 365 days a year, whilst providing a permanent archive for receipts and documents to protect you from ATO adjustments year after year.
TaxTank is the first personal finance software that lets you not only manage your finances and oversee your investments, but also auto calculates your tax so you can see how you’re tracking throughout the year.
Software applications like Quickbooks and Xero only really cater to companies, so their focus is on business tax. TaxTank is the only personal finance software that lets individuals manage their tax live throughout the year. If you submit an individual tax return, then TaxTank is the right software for you.
At this stage, TaxTank is cloud-based desktop personal finance software. It is mobile responsive so you can access via any browser on your phone at any time for convenience. We are working on developing our iOS and Android app so watch this space.
