Keeping your financial affairs in order is an important skill to have. So is choosing the best tax software for lodging your tax returns. Tax time is just around the corner and stress levels are mounting for ordinary Australians who want a fast and accurate way to lodge their tax return. And not just any old tax return but one that ensures you claim every possible deduction to which you are entitled.
In your process to find the best tax platform, you may wonder how myprosperity compares to TaxTank. myprosperity is a collaboration platform designed mainly for accountants to help clients achieve their financial goals. Whereas TaxTank is designed for Australian taxpayers looking to take control and manage their tax like never before.
TaxTank
TaxTank is an Australian-based tax software company dedicated to creating solutions to help Australian taxpayers claim their fair share, legally. TaxTank has taken the tedious activity of tax returns and transformed it into something really cool: software that helps you get the best possible tax return simply and easily.
myprosperity
myprosperity is a software company that has created an online solution for accountants and advisers. It is designed to drive client engagement with a branded digital portal that helps clients store, track and manage their finances.
Let’s see how they compare.
Pricing
TaxTank is built as a modular system, so you only pay for what you need. Pricing starts from $6/month and then you can add or upgrade as your financial situation requires.
The base option for myprosperity is The Connect plan at $279/month for 5 clients paid for by the Accountant or Advisor firm. This may suit an accountant but for the Australian taxpayer, it is not cost-effective. Starting at $6/month TaxTank provides a more affordable, user-friendly, and feature-rich service for personal finance management.
TaxTank is built for individuals, so unlike myprosperity your information remains yours year after year giving you full control. If you change accountants simply revoke access to the old and invite the new. Simple.
Capabilities
A tax software that enables you to easily manage your taxes all year round is the most important asset you can 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.
See how TaxTank compares against myprosperity across some of the most critical capabilities.
Live data feeds
Both platforms provide access to live data feeds, but TaxTank’s live data sharing is much more user friendly and easy to navigate and purpose built for specific investments, like equity forecasts.
TaxTank also offers live bank feeds through Open Banking which means that transactional data is up to date daily.
Secure document storage
TaxTank offers permanent document storage, whereas myprosperity has the ability to store sensitive client documents in one secure place but at an increased cost. And as mentioned before, the question of who owns your data if you move accountants is an important one..
Detailed itemisation
TaxTank’s user interface and navigation options are built for individuals not accountants, so it’s far superior to myprosperity. It has thorough coverage of tax topics while myprosperity has digital tax checklists and onboarding forms, but navigation error is high.
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. Talk about power for the people!
TaxTank gets you the best possible tax returns
Every professional tax software should provide the following benefits. Choosing the right tax software is an important decision, that’s why professional tax software companies need to start by ensuring their platform has a strong foundation across speed, security, and stability. Let’s dive into more detail on each.
- 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 tax software and expert support, we’ll help you get the most out of your tax return this season.
