Feature of the Month: Tax TaggingJune 17 2021
It’s nearly the end of June, and we know what that means. Tax time is just around the corner and so is all the stress that comes with finalising your tax for another year. For many Australians, tax time always takes up much more time than expected and is something that is difficult to update throughout the year.
While some people like to keep spreadsheets updated throughout the year, there are many of us who don’t. Each year we make promises to keep it all up to date next year but once it drops off for a few months, it all seems like it is too far gone and too hard to realign everything again.
Moneymgmt makes tax time easier thanks to the tax tagging functionality. You will be able to assign tags to all the expense items you would like to claim for this financial year. To save time going through each individual transaction, you will be able to search through your outflows for key expenses from certain companies, helping you streamline tax for this year.
Once you have found the expenses, you will be able to create a rule so that all previous and all future transactions are tagged correctly. This will simplify the way you do tax, not only for this year, but for years to come.
Once the rules have been created, you will be able to keep track of all your claimable items throughout the next financial year and be able to change the view under ‘Cashflow’ to track all of the items that have been tagged.
Simplifying tax time is just one of the benefits of Moneymgmt! To upgrade your account and unlock the live bank feeds today.