Tax time is historically a stressful part of the year but forget all about that – we’ve found five apps for you to take the pain out of expense tracking.
The end of the financial year is fast approaching. FAST. Getting ready for tax time and putting those returns together can be a tricky process. If you’re starting to get a little heightened about finding all your receipts, it’s time to take action and manage that process. Here’s they are, our top five tax-stress savers
Almost half of our population now uses internet banking and what a time to be alive! This process used to suck precious hours out of your day with long queues and wildly unfriendly bank hours but now you can do your personal or business finances from the comfort of your home/car/train/morning run. All of your bank statements are available to swipe at any time and check on your expenses.
Australian Taxation Office app
The most obvious of all – the Australian Taxation Office (ATO) app. This app allows you to see exactly what’s happening with your tax at the source, jam packed with calculators for all different scenarios for small business, individuals and superannuation details. If you are running a small business, you can also track how you are performing against others in your industry. That’s handy.
Your phone camera
That’s right! Your tax evidence when incurring work related expenses is a simple finger click away – the ATO has accepted electronic receipts since 1999 (literally 20 years!) so snap away at your receipts and store them electronically for tax time. Just a clear photo of the receipt please, selfies holding receipts are sadly not accepted.
Of course your phone is easy, but one thing that it isn’t going to do is organise reciepts for you. The Smart Receipt app categorises your receipts on the run so by the time tax time comes around, you can sit back and relax and your accountant is going to love your organisation skills. If you drive for work, this app also has a magnificent mileage tracking function.
The Ultimate App
Become a living, breathing app by doing an accounting course and tax time will be an absolute breeze, not just for you but for your future clients too. We offer courses in accounting and finance from Certificate IV in Accounting and Bookkeeping and Diploma of Accounting (which are offered free of tuition fees for eligible students under the Victorian government's Free TAFE for Priority Courses program) right through to a Master of Professional and Practicing Accounting. Find out more here.
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