Simplify Tax Time With Moneymgmt!July 16 2020
The new financial year has started, and it is now the perfect opportunity to reassess how you manage your finances throughout the year to make tax time as easy as possible. Around this time each year, we see a jump in user logins into our platform as people look to clean up all their financial information and claim the deductions that have accumulated over the year.
Tax time each year can be a very daunting experience for many, but it doesn't have to be. Take control of your finances and your deductions throughout the year by making the most of Moneymgmt's Cashflow area.
With real time data feeds from banking institutions it is now easier than ever to keep on top of your financial information.
But how does having bank feeds help with tax time?
Bank feeds allow you to track and manage all the transactions you make. Start by adding multiple bank accounts, credit cards and loan information so that you can keep on top of every expense that can be claimed as a deduction throughout the financial year.
Categorisation of Spending
This is where you can go through all your expenses and ensure they are pulling into the correct category. This not only makes it easier for you to track your expenses and enable budgeting, but also allows you to search for items you are looking to claim on tax.
Throughout the year, you can allocate tax tags to any transactions that you will be looking to claim at the end of financial year. This is a huge benefit as it enables you to track the expense and make a note of it while it’s fresh in your mind. It saves you the time and effort of going through old bank statements, trying to remember items or manually adding expenses into a spreadsheet. Moneymgmt also allows you to view all your tagged items for the current tax year so you can check if any transactions are missing.
To ensure you are able to claim the biggest possible deduction for your work travel, you will need to show a record of your kilometres travelled for work. To make this easier for you, we have included a logbook in Moneymgmt so you can track your travel and store the information on a downloadable CSV file. To record your journeys, all you have to do is click on the logbook icon, enter your odometer and stop the journey at the end of the trip. To download the CSV file, simply click the export icon on the top right of the app, select the date range and add the file to My Uploads.
We want to make the end of financial year as easy as possible. These are just some of the ways Moneymgmt can help you streamline the end of financial year and remove some of the unwanted financial stress.
Sign up to Moneymgmt today to take control of your finances and simplify tax time!