Taxing times made easy: Digital tools to get you EOFY ready
With the end of financial year just around the corner, we look at the online apps taking the stress out of tax time.
As another financial year comes to an end, lodging tax returns and getting organised ahead of the new fiscal year doesn’t need to be a dreaded task for individuals and businesses.
While it’s not uncommon to feel overwhelmed and stressed when managing personal or business finances, there are a number of digital tools to help you track expenses, set up a budget planner, and get EOFY ready.
We’ve compiled our top finance apps to make your tax return easier and help you get off to a great start this new financial year.
Pocketbook is designed to do the hard work for you.
By syncing all of your financial accounts, the app can provide real-time updates and actively monitors how your money is being spent, to help you reach your goals.
The app also automatically categorises your spending into the likes of shopping, food, bills and fuel so you’re aware of where you spend most of your money and to help you budget for the future.
While the Tax Return product is currently only exclusive to Apple, users can reportedly complete their tax return in less than 10 minutes, with registered accountants responsible for ensuring you get the best possible return.
Pocketbook is available to download for free on desktop, iOS and Android platforms. Free to sign up. Tax Returns fees start at $39.
Tax Aid is an online service designed to help you process your tax returns as efficiently as possible.
Using cloud technology, Tax Aid can take as little as around 15 minutes to complete, and simplifies the process by removing complicated, financial jargon and providing checklists, FAQs and tax tips.
While the service is currently only available to individuals, rather than businesses, it’s an easy and efficient way to lodge your tax return on time this EOFY.
Available on desktop.
Fees start at $60 per tax return.
When the time comes to lodge your tax return, finance app Expensify ticks the efficiency box by helping to save you time trawling through transaction records and receipts.
The app allows you to consolidate all business expenses and receipts in one place and syncs to a bank debit or credit card, meaning you can produce expense reports just in time for the end of financial year!
Expensify is available on desktop, Android, and iOS. Pricing varies on type of account.
If number crunching just isn’t your thing, or you’re looking to kick savings goals and are ready for a fresh start to the new financial year, look no further than these digital finance planning tools.
Editor's note: It has come to our attention that an app previously included in this article is no longer available. Subsequently, the section pertaining to this product has been removed. We hope this has not led to any confusion on behalf of our readership.
Check out how Nathan and Kerri manage their small business' accounts from the Cloud, thanks to the nbn™ network.
Last updated on 09 June 2016