FAQs
How is this different from Xero or MYOB?
Xero and MYOB are for business. TaxTank is power for the people – we are all about individual taxpayers!
Is all my information secure?
It is sure is, your security has been our #1 priority from the start! So much so we even created a video on it just for you, watch it here
Is TaxTank compliant with the ATO?
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.
Do I have to wait until the start of the financial year to use TaxTank?
OMG no, the sooner the better! If you start later in the tax year you can easily import earlier bank account transaction to ensure nothing is missed.
How long does it take to setup?
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!
Are there training videos to help with the software?
You bet ya, we have a plethora of Product Tours, webinars, tutorials. Don’t worry, we have thought of everything.
Does it do any Capital Gains Tax calculations?
Currently we have a CGT calculator for when you sell a property. When we release Holdings Tank, you will be able to manage CGT for Shares and Crypto.
Do I need to be a tax expert to understand TaxTank?
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. But after using it you will be an expert – maybe you could teach your accountant a thing or two?
Can I import my property statements or is it a manual process?
You guys ask such smart questions! We are so close to having this as an automatic process, but atm it will be a manual one. Promise it won’t be long.
Does it work for foreign residents?
Absolutely! You simply select your residency for tax purposes when you onboard so tax calculates correctly.
Will I still need to use an accountant?
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 turn around times – win win win. The choice is yours!
Does TaxTank integrate with the ATO?
Not yet, but we are trying! The ATO don’t want to play with us right now, but they will..
Can I share my account?
If I co-own a property do I need my own account?
Yes! Each user needs their own account to invite and accept property co-owner invitations. No duplicate entry – awesome!
What if my accountant doesn't use TaxTank, does that matter?
Well invite them! If your accountant doesn’t already use TaxTank we will send them an invitation to let them know you’re waiting!
Is the software tax deductible?
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 lodgment of your tax return. You must apportion the cost of the software if you also used it for other purposes.
Can I add my home or TaxTank only used for investment properties?
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. You can compare market values, growth predictions, cashflow, etc etc… So, back to your original question, yes definitely add your home.
Can I add my SMSF property?
Yes, you can! TaxTank lets you setup portfolio’s that don’t impact tax (like Trusts, SMSF’s & your own home).
Is there a storage limit on spare tank?
There are no limits on storage and its fee up to 2 GB. ATO audit team eat you’re heart out..
Do the bank feeds work with all banks?
We partner with Basiq to access to over 21,000 global financial sources. It doesn’t have the BOMD (Bank of Mum and Dad) but should have most other banks… If not though let our team know so we can sort it out.
Can I input old data into this from years back or is it only from current date?
You can most certainly add documents from years ago, but TaxTank officially starts from the 2020-21 financial year. Gotta start somewhere right!
What if I co-own a property but don't have access to the bank accounts?
Tricky! You will only be able to feed bank accounts available to you. In this situation your property co-owner might need to authorise you to the account, or setup the property and invite you.
How does this work for AirBnB?
Awesomely, thanks for asking! 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!
