There’s the personal you.
There’s you as a sole trader.
There’s you with properties, but in a trust, SMSF or company.
And sometimes there’s you, jointly, with someone else entirely.

Everyone understands this in theory. Banks do. Tax law definitely does. Open banking, however, has historically been far more limited, typically working off a single profile at a time.

Which usually leaves users doing small but annoying things to make it all work reconnecting bank feeds, keeping mental notes about which login is which, or explaining (again) why the same person has multiple accounts.

It works. Mostly. But it’s not exactly elegant.

Where things got messy

Open banking doesn’t see “one person”. It sees profiles.

A personal login here.
A business login there.
A separate one again for trusts or companies.

Until now, that meant those profiles had to be managed separately, even though, in real life, it’s all one financial picture.

That disconnect was never ideal, and it didn’t reflect how people actually operate.

The fix: Multiple IDs

We’ve released Multiple IDs to solve exactly that problem.

You can now connect more than one bank profile to a single TaxTank account, cleanly and intentionally, without breaking existing feeds or starting again.

From the dashboard, just select the three dots on a bank tile and choose “Connect another profile”, then follow the prompts as usual.

Each profile:

• connects independently
• has its own open banking consent
• can be managed without affecting the others

Which means fewer workarounds, and far less mental bookkeeping.

Why this matters

This isn’t just about convenience (although it definitely helps).

It means your TaxTank account can finally reflect how your financial life actually works. Personal, business and entity accounts can sit side by side, with clean allocations, clearer reporting, and far fewer “why is this here?” moments.

Budgeting becomes easier. Tax reporting makes more sense. And everything stays connected without being tangled.

Built for real people, not perfect examples

Most people don’t fit neatly into one box, and neither should their software.

Multiple IDs lets your TaxTank account adapt as your situation changes, without extra admin or duplicated setups. It’s a small change that removes a lot of friction.

Which is exactly how good features should work.

If your finances don’t fit neatly into one box, your software shouldn’t either. Get started with to TaxTank and connect another profile today.

Why personal tax needed a platform built for individuals

Tax software has long been built for accountants and businesses, while individuals were left with few tools beyond spreadsheets, manual record-keeping, once-a-year lodgement or trying to make it fit with business tax tools. Personal tax was treated as an afterthought.

TaxTank flipped that model on its head. We created Australia’s first personal tax platform built purely for individuals. Our mission is to make tax transparent, accurate, and stress-free all year round, not just at tax time.

What makes TaxTank the most innovative personal tax platform

TaxTank combines smart automation with real-time visibility, helping Australians take control of their finances in ways no other software does.

General Tax Tools in our Personal Tax Platform

• Know exactly how much tax you owe, live all year round
• Track your net worth with live tax and equity forecasts
• Connect bank accounts with live feeds for real-time visibility
• Track your HECS/HELP balance and repayments as part of your live tax position
• Plan smarter with a simple monthly budget tool
• Automate recurring transactions with custom rules
• Access a full suite of live tax reports anytime
• Store receipts and documents securely in the Spare Tank

Personal Tax Platform Features for Property Investors

• Manage all properties in one place, regardless of ownership structure
• Track rental income, expenses, tax, and cash flow in real time
• Monitor performance, including capital growth, yields, and LVR
• Maximise claims with automated depreciation
• Create DIY projects for improvements and renovations
• Automate borrowing expenses for loans and refinancing
• Handle shared ownership claims, including Airbnb and room rentals
• Use a real-time CGT calculator to see the impact of selling
• Get live property values powered by CoreLogic
• Calculate borrowing power with the interactive Net Surplus Ratio report
• Instantly generate property tax reports for your accountant
• Store all property records in a dedicated Spare Tank folder

Personal Tax Platform Tools for Shares & Crypto

• Track shares, crypto, and unlisted assets in one place
• Automatically calculate CGT and carry forward capital losses
• Manage dividends, staking, and interest income
• Create custom tickers for unlisted investments
• Access live CGT reports anytime
• Connect with Sharesight to sync trade history seamlessly

Work Tank: Managing Income & Expenses in One Personal Tax Platform

• See live tax calculations for wages, allowances, and adjustments
• Track trust distributions, partnership income, government payments, and more
• Allocate work-related expenses from live bank feeds
• Keep a compliant home office diary and vehicle logbook
• Manage work-related assets with automated depreciation
• Track vehicle loans and amortisation schedules
• Store all work-related receipts securely in the Spare Tank

Sole Tank: The Personal Tax Platform for Sole Traders

• Manage multiple sole trader businesses under one subscription
• Create and send professional invoices instantly
• Track PSI income, labour hire, and business expenses
• Use automated depreciation and instant asset write-offs
• Manage home office and vehicle expenses with compliant diaries
• Track vehicle loans with amortisation schedules
• Use the non-commercial loss calculator to see if losses offset income
• Access live BAS reporting to handle GST and ATO lodgements
• View real-time business schedules and reports for easy tax prep
• Store all sole trader documents securely in the Spare Tank

Tax Preparation & Support with the Personal Tax Platform

• Access interactive tax reports all year round
• Invite your accountant or advisor anytime for collaboration
• Lodge faster with clean, complete records
• Use the myTax report to self-lodge with confidence

Why TaxTank Won Most Innovative Tax Platform 2025

TaxTank is the only personal tax platform in Australia. While others focus on accountants or businesses, we have built a platform dedicated to individuals, giving everyday Australians the tools, insights, and confidence to manage their tax all year round.

Innovation is about more than features. It is about solving problems others have ignored and making complex systems accessible to everyone. That is exactly what TaxTank does for personal tax.

Looking ahead

Winning this award is a milestone, but it is also just the beginning. We will continue building on our innovation with new integrations, smarter automation, and even more ways to simplify tax for Australians.

Most importantly, we will keep putting control back in your hands, because tax should work for people, not the other way around.

Ready to experience award-winning innovation?

Being named The Most Innovative Tax Platform 2025 is just the beginning. TaxTank is built to make managing personal tax easier, smarter, and more transparent for every Australian.

Start your free trial today and see why TaxTank is the personal tax platform that changes the way you do tax for good.

That is why we are thrilled to announce the new TaxTank and Sharesight Integration. This collaboration brings together TaxTank’s expertise in property tax management and Sharesight’s industry-leading investment tracking. The result is a fully automated, integrated solution that gives you complete control over your tax position every single day.

Bridging the Gap: Why We Chose Sharesight

In today’s fast-paced investment world, keeping tax and investment data isolated is a recipe for missed opportunities. Sharesight has already revolutionised the way share investors track their portfolios by offering:

• Seamless aggregation of multiple portfolios: Bring together all your investments in one view.
• Automatic dividend tracking: Stay on top of every payout without lifting a finger.
• Comprehensive performance reporting: Gain insights that empower smarter decisions.

These are the same features that property investors have been waiting for. With the TaxTank and Sharesight integration, we are extending this level of automation and clarity to property portfolios. This means:

• A unified experience: Manage property alongside shares, ETFs, crypto, and more from one dashboard.
• Real-time tax insights: Monitor your CGT, deductions, and cash flow with up-to-date information.
• Proactive planning: Stay ahead of the ATO and avoid the last-minute scramble.

This is not just about filling a gap; it is about reshaping the future of tax and investment management so every investor can grow their wealth with confidence.

How the TaxTank and Sharesight Integration works

The TaxTank and Sharesight integration is designed with simplicity and efficiency in mind, eliminating the need for manual data entry and complex spreadsheets. Here is how it all comes together:

Pushing Property Data into Sharesight

• Automatic Custom Investments: Push property data from TaxTank into Sharesight, creating custom investments without any manual effort.
• Real-Time Portfolio Insights: Track rental income, market values, and CGT positions alongside your other investments in one place.
• Complete Investment Performance: Enjoy a full financial picture that spans across asset classes.

Syncing Sharesight Trade Data Back into TaxTank

• Automated CGT Tracking: Seamlessly calculate CGT across property, shares, ETFs, and crypto.
• Live Tax Insights: Know exactly where you stand with real-time tax visibility, ensuring you are never caught off guard.
• Year-Round Tax Reporting: Save time and reduce stress with reports that are always ATO-ready.

Empowering Advisors and Investors Alike

• Effortless Collaboration: Eliminate the need for cumbersome spreadsheets. With live data syncing, both investors and advisors can collaborate in real time.
• Smarter Financial Planning: Accountants and advisors can access up-to-date figures, enabling proactive tax strategies and smarter decision-making.

Why Investors Should Connect Using the TaxTank and Sharesight Integration

This partnership is not just another integration; it is a game-changer for anyone managing a diverse investment portfolio. Here is why connecting the TaxTank and Sharesight Integration is the smart move:

• One Dashboard for Everything: Manage property, shares, ETFs, crypto, and even sole trader income in one seamless interface. No more juggling multiple platforms; get a live view of your tax and investment performance all year long.
• Tax Planning, Not Just Tax Lodging: With the ATO watching in real time, why wait until tax season to act? Monitor your tax position daily, maximize deductions, and sidestep those unwelcome tax-time surprises.
• Built Specifically for Property Investors: Unlike generic business accounting software, TaxTank is designed for property portfolios. It automates complex tasks such as negative gearing, borrowing expenses, depreciation schedules, LVR tracking, and real-time CGT calculations.
• Advanced CGT Tracking for Property: TaxTank goes beyond simple calculations by automating the application of 6,000 pages of tax legislation. This includes grandfathering provisions, cost base adjustments, and CGT concessions based on property usage and ownership structure.
• Seamless Advisor Collaboration: With live, automated investment and tax data syncing, advisors can access the information they need at any time. This means smarter tax strategies, more effective financial planning, and reduced costs.
• ATO-Ready Compliance, Minus the Stress: Enjoy automated transaction syncing, built-in tax law tracking, and audit protection, all designed to keep you compliant without the headache of endless paperwork.

Ready to Transform Your Investment Management?

The integration of TaxTank and Sharesight is not just a new feature; it is a revolutionary way to manage your investments and tax obligations. Whether you are a property investor, share trader, or managing a mix of asset classes, this partnership puts you in control.

Sign up for TaxTank today and unlock the power of our integration with Sharesight. Enjoy real-time tax automation, streamlined portfolio tracking, and a unified dashboard that puts you in control of your investments. Whether you’re a property investor, share trader, or managing a mix of asset classes, our integrated solution empowers you to plan proactively, maximise deductions, and stay ahead of the ATO.

Don’t let outdated processes hold you back. Register now and start experiencing a new era of efficient, automated investment and tax management.

Now, over 300,000 ITP clients across Australia can enjoy the seamless integration of TaxTank’s innovative cloud-based software. This partnership ensures real-time financial handling, eliminating the traditional end-of-year tax rush. With continuous, live advisory services throughout the year, tax and investment management becomes a streamlined digital experience.

Our collaboration with ITP highlights a pivotal shift towards modern, efficient tax solutions. By reducing manual data entry and paperwork, we minimise the risk of errors and client dissatisfaction, replacing them with automated processes and instant access to up-to-date financial information.

Walter John Bailey, Founder of ITP, shares our excitement: “Partnering with TaxTank represents a significant milestone in our commitment to breaking barriers and delivering unparalleled value to our clients. By harnessing cutting-edge technology, we are poised to redefine the tax landscape, offering clients seamless access to their financial and tax data year-round, reducing the risk of client unintentional errors and saving time when submitting returns.”

Nicole Kelly, Founder of TaxTank, adds, “Our platform empowers taxpayers to proactively navigate their tax obligations with confidence, eliminating the stress and uncertainty associated with tax time. We see a natural fit with ITP, given their national presence and dedication to providing seamless tax solutions across Australia.”

With TaxTank’s user-friendly interface and comprehensive features, managing income, expenses, investments, and more has never been easier. This partnership signifies a paradigm shift in tax management, allowing clients to embrace a proactive, digitally-enabled approach to financial stewardship.

For over 50 years, ITP has been Australia’s trusted tax refund specialist, serving clients nationwide. We at TaxTank are proud to join forces with such a reputable organisation, furthering our mission to empower individuals with real-time tax management capabilities.

A Game-Changer for Property Investors

Nicole Kelly, the founder of TaxTank, shares her excitement about this collaboration and TaxTank’s first white-label product for advisors and investors:

“We are excited to introduce the TaxTank Property Widget, a powerful tool that will enhance how property investors currently monitor their portfolios. Our partnership with Hotspotting allows us to deliver real-time snapshots of client properties, portfolios, key tax information directly in the Hotspotting platform. This integration enhances collaboration and advisory services, providing unparalleled value to our users.”

TaxTank has always been at the forefront of enabling property investors to manage their tax and investments year-round through live bank feeds. Our new widget pulls critical information directly into any platform, enhancing service offerings in new and dynamic ways.

Key Features of the TaxTank Property Widget

Comprehensive Portfolio Oversight

Give clients the ability to monitor property performance, including growth, tax, and equity, without leaving Hotspotting.

User-Friendly Interface

Our intuitive design seamlessly integrates with any dashboard, ensuring easy navigation and quick access to essential TaxTank features.

Secure Data Handling

We prioritise client data security with advanced encryption and industry-standard compliance, ensuring secure sign-ins and sign-outs when using the TaxTank Widget..

Direct Access

Provide clients with a direct link to open and manage their TaxTank accounts, ensuring they have up-to-date information at their fingertips.

Tim Graham, General Manager of Hotspotting, emphasises the significance of this integration:

“The TaxTank Property Widget offers an unprecedented level of detail and accessibility for property investors. By integrating with TaxTank, we are able to provide users with a comprehensive and seamless experience, enhancing their ability to make informed decisions and optimise their investments.”

Special Launch Offer

As part of our launch, we are offering an exclusive early adopter discount. Schedule a demo with us before 31st July 2024 to see the widget in action and learn more about how it can benefit your platform and clients.

We believe the TaxTank Property Widget will be a valuable addition to any platform, helping to stay ahead in a competitive market.

Book a demonstration today.

Queensland’s Nicole Kelly is adept at weaving through the tax mire. She is a CPA, business consultant and taxation specialist and the co-founder of the tax software, TaxTank. She understands that most property investors have a grasp of the tax time basics, including negative gearing although incredibly, in a survey by online lender, State Custodians, 61% of respondents were not aware that mortgage interest payments on an investment property are tax deductible.

Here are some of her special tax tips that should be very useful:

Provide the ATO with all the tiny details

Unless the ATO has all the information of your income and expenses it’s impossible to correctly determine your constitutional economic responsibility.  In other words, you won’t be able to get your highest legal refund at the end of the financial year.

Be vigilant about keeping your receipts and documents safely together

The ATO reports that the number one cause leading to the dis-allowance of rental property claims continues to be where taxpayers are unable to produce receipts or other documentation to support a claim

Know your real-time tax position all year round

The truth is, if you want to beat the ATO at their own game, tax can’t be a once-a-year event. If you use software that provides you with live bank feeds and interactive reports that show your tax position on a daily basis, you can make important decisions, including tax minimising decisions, all year.

Know all the deductions you can make.

Property investors can claim many more deductions on their tax than they often realise. Here’s a list of the most common deductions property investors can claim:

• Land tax
• Borrowing expenses, including LMI, over 5 years
• Mortgage exit fees
• Interest payments and annual fees
• Property advertising fees
• Real estate management fees
• Landlord insurance
• Council and water rates
• Software to manage your properties & tax
• Cleaning at the end of a tenancy
• Gardening and maintenance fees
• Building and asset depreciation (as per your schedule)

But don’t forget working from home deductions – home office running expenses for the hours you spent managing your portfolio at home, internet and phone costs and computer depreciation. Just remember that deduction claims must be apportioned to how much use is for an income-producing activity.

Pre-pay expenses

If you are expecting to have a lower income next year for any reason, you can reduce your higher income in the current financial year by prepaying some expenses up to 12 months in advance. For property investors the big ticket item is interest on loans, however you can also prepay next year’s insurance premiums, body corporate fees, council rates or even bring forward other costs that would normally come up after 30 June like income protection insurance premiums and self-education expenses. Some service providers even offer a discount for prepaying.

Brisbane’s Tammie Van Diest is a fan of TaxTank, which she heard about from her accountant. She bought her first property at the age of eighteen and now at forty-nine, she owns seven, spread across Australia. Her tax returns, as you can imagine, are especially complex.

“It had always been the same each year. Come July 1 it was a mad scramble trying to find faded receipts, asking property managers to resend through past statements and invoices, manually going through bank statements and itemising income and expenses and things like realising that you hadn’t paid water bills for the past three quarters on one of the properties because they changed to email communications, which were going to spam, so you received hefty late interest fees…the list goes on,” she explains.

“The TaxTank software streamlined all of this, meaning no July 1 scramble. Everything is done throughout the year with so little hands-on time from me needed. It’s literally about 10 minutes a week to allocate transactions from live bank feeds and I’m literally on top of my paperwork. No more spreadsheets or tax time stress.”

“But it’s not just about tax. I like that I can see the tax and cash position for each property, loans, equity and even growth forecasts to help me understand how my properties are performing now and into the future.”

From July 1, if you earn less than $126,000  you will receive a one-off tax offset of $420 and when combined with the low-and-middle-income tax offset (LMITO), single-income households will save up to $1500 on their taxes, while dual-income households will save up to $3000.

Before you get too excited about booking your first international trip in two years or updating your wardrobe now that your tracksuit can officially be retired, 2022 will be the last juicy tax return for millions of Australians for a while, with the LMITO coming to an end.

So, how can you maximise what you get back this year?

Tax accountant and founder of cloud-based tax software TaxTank, Nicole Kelly said “Paying more tax than you need to is giving money away, particularly at a time when the cost of living is increasing and interest rate rises are looming. It could also be a while before we see any significant tax cuts again for the everyday taxpayer.

I have worked as a CPA and taxation specialist for a long time and it continues to surprise me how many Australians don’t realise there are some very simple ways to maximise deductions to ideally maximise the amount of tax you receive back each year,” said Nicole.

Here are Nicole’s five top tips to maximise your tax return in 2022:

1. Stop treating your tax return as a once a year event

We are always looking for ways to cut expenses in our everyday lives, however tax as an expense is so often overlooked and it is actually one of your highest yearly outlays.

One of the best ways to maximise your tax return each year is to dedicate time each month, or if you can each week, to track your expenses and record any possible deductions.

2. Go digital and ditch the spreadsheet

There are so many different ways to manage and organise your taxes but it’s important to find the right solution for your individual circumstances, especially if you have investment properties or other incomes to keep track of.

Moving away from multiple spreadsheets and the box of faded receipts to software can be a gamechanger.  Cloud-based tax software can be accessed anywhere and anytime with live feeds and built- in automation to organise all your incomes and deductions to deliver transparency of your tax position,  and of course a stress free tax time.

3. Substantiate substantiate substantiate

According to the ATO, the number one cause leading to audit adjustments is when a taxpayer is unable to substantiate a claim. In fact, failure to substantiate netted the ATO their own tidy little bonus of $13.7 billion from the total 467,884 adjustments in 2019-20.

To avoid becoming an ATO statistic you need to keep your receipts organised and of course readable, and the best way to do that is to go digital.

Once again, cloud-based software will let you attach receipts to transactions straight from your live feeds, and store them for easy retrieval to accommodate any ATO requests now or in future years. It really is that simple to prevent unnecessary adjustments.

4. Claim what you are entitled to

When you work hard for your money, claiming everything you are entitled to and paying attention to the smallest details will maximise your return.

For all deductions, there are a few important boxes to tick:

• You must have a record to prove it
• You must have spent the money yourself
• You must not have been reimbursed for the cost
• The expense must be related to your job or other income-generating activity
• If the expense you are claiming is for both work and private purposes, you can only claim the work portion of the cost.

Using a tax management software with smart tax tools combined with up-to-date taxation rules and live data makes it easy to identify what you are entitled to claim, and even make proactive decisions throughout the year to actually control how much tax you pay.

5. Don’t rely on pre-fill data from the ATO

The ATO’s MyTax isn’t going to pre-fill my data incorrectly right? Wrong.

Filling the fields in MyTax with data from the ATO can seem like a shortcut but you should always check their info against your own. Many sources pass information onto the ATO as late as August which means your pre-fill data is out of date. If you do not pick up on this error, the onus is also on you. Using software with live feeds to manage your taxes throughout the year will provide you with the most up to date information for inputting into MyTax. If you aren’t feeling confident navigating MyTax on your own, you can always reach out to an accountant or tax specialist for assistance.

The recent survey of 1000 Australian taxpayers revealed more than half (56%) find tax time stressful with missed deductions the leading cause of stress ahead of not knowing if they will receive a tax refund or bill and making a mistake.

Not only do Australian taxpayers find missing out on deductions the most stressful part of the tax return process, nine out of 10 (90%) respondents believe they are missing out or not claiming every possible deduction, with more than half (54.1%) certain they are definitely missing out, not confident, or find the rules too complicated to understand.

Tax accountant and TaxTank Founder, Nicole Kelly said: “It’s pretty clear from the research that the best way to avoid tax time stress is to address how you are managing your expenses throughout the year. Tax should not be a once a year event.

If you are scrambling around for your folder of receipts and scrolling through bank statements to consolidate expenses at the last minute, perhaps it’s time to look for a new method. Not only will it save you stress but ensure you don’t miss any deduction opportunities come tax time,” said Nicole.

The research also uncovered that almost half (47%) of all Australian taxpayers were uncertain what percentage of tax they paid last year, of which one-third (35%) claimed to have no idea.

“Knowing what percentage of tax you pay is what taxpayers should be focusing on, not the refund or payable amount, as it helps identify ways to reduce tax and optimise spending and investments. Keeping track of your taxes and optimising them throughout the year might not sound exciting, but can be easier than you think if you have the right systems in place,” Nicole added.

The research also uncovered women are far more uncertain than men of the percentage of tax they pay, with 45 percent claiming to have no idea in contrast to 24 percent of males.

To avoid tax time stress and avoid not missing a deduction here are Nicole’s top tips:

Stop treating your tax return as a once a year event

We are always looking for ways to cut expenses in our everyday lives, however tax as an expense is so often overlooked and it is actually one of your highest yearly outlays.

One of the best ways to ensure you can claim every possible deduction and reduce stress each year is to dedicate time each month, or if you can each week, to track your expenses and record any possible deductions.

Go digital and ditch the spreadsheet

There are so many different ways to manage and organise your taxes but it’s important to find the right solution for your individual circumstances, especially if you have investment properties or other incomes to keep track of.

Moving away from multiple spreadsheets and the box of faded receipts to software can be a gamechanger. Cloud-based tax software can be accessed anywhere and anytime with live feeds and built- in automation to organise all your incomes and deductions to deliver transparency of your tax position, and of course a stress free tax time.

Substantiate substantiate substantiate

According to the ATO, the number one cause leading to an audit is when a taxpayer is unable to substantiate a deduction. In fact, 467,884 taxpayers failed to substantiate deductions in 2019-20, which amounted to $13.7 billion dollars of taxpayer money lost to the ATO.

To avoid becoming an ATO statistic you need to keep your receipts organised and of course readable, and the best way to do that is to go digital. The time and stress saved is invaluable.

Using cloud-based software, you can attach receipts to transactions straight from your live bank feeds, and store them for easy retrieval now and for future years.

Claim what you are entitled to

When you work hard for your money, claiming everything you are entitled to and paying attention to the smallest details will maximise your return.

For all deductions, there are a few important boxes to tick which will also remove any uncertainty and stress from the process:

• You must have a record to prove it
• You must have spent the money yourself
• You must not have been reimbursed for the cost
• The expense must be related to your job or other income-generating activity
• If the expense you are claiming is for both work and private purposes, you can only claim the work portion of the cost.

Using a tax management software with smart tax tools combined with up-to-date taxation rules and live data makes it easy to identify what you are entitled to claim. It can also assist in making decisions throughout the year to proactively control how much tax you pay.

About the survey

The survey was commissioned by TaxTank and undertaken by Pureprofile to analyse habits of individual Australian taxpayers ahead of the 2022 tax season. Their attitudes towards managing their taxes, sentiment towards the Australian tax system and spending intentions was also analysed. From 29 April – 4 May 2022, Pureprofile conducted an online quantitative survey, interviewing 1000 Australian taxpayers. The survey is nationally representative.

Keep Records of Common Deductions

Many property investors don’t realise just how many expenses can be claimed as tax deductions! Solid record keeping can ensure you’re claiming everything you’re entitled to.

Some of the most common deductions for property investors are:

• Repairs and maintenance costs
• Insurance costs
• Depreciation
• Body Corporate fees
• Property Management fees

To keep your expenses in order and safeguarded against ATO corrections, go digital with TaxTank’s permanent document storage.

Claim The Three L’s: Land Tax, LMI & Loans

 We see so many clients who have been missing these three big tax deductions!

Land Tax is an expense, not capital, so you can claim it on your tax return! States can vary in their rates and thresholds of Land Tax, so it doesn’t hurt to see what your obligations are depending on what state you’re in.

LMI, Lenders Mortgage Insurance, often gets forgotten about as a tax deduction for property investors. Similar to Land Tax, LMI is not considered capital and is actually a borrowing expense which can be claimed on tax.

Your loans, not just your LMI, are also deductible over 5 years as a borrowing expense. ‘Borrowing expenses’ refers to all the costs involved with taking out a loan, such as application fees, valuation fees, title search fees and refinancing costs.

Manage & Minimise CGT

Capital Gains Tax (CGT) is applied on the sale of a property, unless you are selling the property you lived in. However, if you started to rent part or all of it out, CGT will apply.

The amount of CGT you will have to pay when you sell depends on how much of the property was rented and for how long. To put off your CGT for 12 months, you could consider exchanging contracts after July 1st. Even better, you can reduce your CGT by 50% by holding your investment property for a minimum of 12 months.

We recommend keeping detailed records of dates relating to your property and market values to manage the expense of CGT. Tracking changes, dates and market values is a breeze in TaxTank, plus calculating CGT is simple with our automated smart tax tools.

Maximise your tax return this financial year by taking these tips into account and become tax confident.

With the real estate environment in Australia changing rapidly with inflation and rising interest rates, property investors will likely have some important decisions to make in the coming months, and cloud-based tax management software TaxTank is here to help.

A recent survey conducted by TaxTank revealed that one in five (20%) of property investors know little about their current equity position, only 34% know their cash position well, and only 21% know their tax position well.

“Knowing and, even more importantly, understanding the performance of each property is crucial when buying and selling assets, and let’s not forget about capital gains tax (CGT) which often catches investors off-guard,” said TaxTank founder Nicole Kelly.

In addition to growth forecasting, the one of a kind cloud-based software allows property investors a transparent, real time view of their cash and tax positions for informed decision making. Calculating CGT is also quick and simple with smart tax tools.

“We created TaxTank because we know how vital solid record keeping is for property investment success, and we wanted to give investors a simple, affordable tool that empowers them to take control of their property tax. Our software gives investors 24/7 oversight using live bank feeds, integration with third parties such as CoreLogic, built in smart tools and permanent document storage to ensure deductions are not missed, misunderstood or disallowed by the ATO,” said Nicole.

TaxTank is designed by accountants and property investors to make life easier with automatic tax tracking for invoices and automated depreciation, saving time and effort.

The software is straightforward enough to be used by self-managed property investors or in conjunction with a professional accountant for a seamless experience and tax time confidence.

About the survey

The survey was commissioned by TaxTank and undertaken by Octopus Group to analyse the behaviours and sentiments of Australian property investors ahead of the 2022 tax season. In May 2022, Octopus Group conducted an online quantitative survey of 606 Australian property investors. The survey is nationally representative.