Any employee earning over the tax free threshold ($18,200) and required to lodge a personal tax return may find Deductifi useful. Whether you are a student with casual employment or an executive on a 6 figure salary, Deductifi can help you keep tax records more organised and make tax management easier.
That choice is totally up to you. Deductifi helps organise your records and provides summary information, schedules, and logbooks that you or your tax agent can review at tax time.
Some people are confident enough in preparing their own tax return using myTax (via myGov). This requires those people to have a reasonably good understanding of the tax rules that relate to their personal circumstances and to be confident enough in filling out the various aspects of the tax return form.
However, our experience is that, for most people, better tax-time outcomes are often achieved by focusing on good record-keeping during the year and then leaving final review and lodgement to a tax agent where appropriate.
The benefits of this approach include:
- your refund increases through identifying additional deductions, not by filling in your tax return, so focus your time and effort on your deductions.
- if you are not sure of the deductibility of an item, you can include it anyway so you can then have a conversation with your tax agent about it. This ensures deduction opportunities don’t fall through the cracks and you can learn for next time.
- in most cases, the additional deductions you identify will produce a refund that will more than pay for the cost of your tax agent. Especially now that the Deductifi Tax-Time reports will save your tax agent considerable time.
- the tax agent may be able to help you with longer term tax planning strategies, particular to your circumstances
- you can let the tax agent deal with the stress of completing the tax return form
Deductifi is designed to support legitimate tax record-keeping and to help users capture information in line with Australian tax requirements. Users should still review their own circumstances and obtain professional advice where needed.
Deductifi is designed to support legitimate tax record-keeping and to help users capture information in line with Australian tax requirements. Users should still review their own circumstances and obtain professional advice where needed.
Deductifi is intended for use by individuals who are employees, not individuals who operate their own business. This may change in the future, but is currently not on the list for future enhancements.
Yes, Deductifi allows you to record car trips, generate logbooks, and calculate deductions using both the Logbook and Cents/KM methods.
The ‘Double Check’ feature lets you flag expenses or trips for later review by you or your tax agent.
Deductifi helps you record and categorize expenses for multiple investment properties, ensuring all deductions are accounted for.
Yes, Deductifi is designed to be user-friendly for novices while offering advanced features for experienced tax return preparers.
The annual fee for Founding Members is $145, with an illustrative after-tax example shown on the pricing page.
Founding Members can receive a $100 cash reward for referrals and $1 for each piece of constructive feedback provided.
The app stores, categorizes, calculates, and summarizes your tax information, providing easy-to-read reports for your tax return or tax agent.
Yes, simply take a picture of a receipt, enter the details in the app, and discard the receipt. The app guides you on what to record.
Deductifi offers regular emails with tips and guidance to help you keep records organised and make tax management easier.
Yes, the app guides you on what can be claimed without a receipt and the necessary information to record.
Yes, you can view, edit, and export your detailed transactions and summaries at any time.
Deductifi provides detailed checklists to help you review deductible expense categories and important tax information.
Yes, you can add past transactions and logbook information to keep all your records in one place, ready for tax time.
Deductifi offers regular updates, new features, and support to help keep your tax management clearer and easier to maintain.
Simply join the annual plan to become a Founding Member and enjoy exclusive benefits and offers.
Deductifi eliminates the hassle of searching through receipts and bank statements by organizing and summarizing your tax information throughout the year.
We take data security very seriously, at all levels, for eg:
Payments: We utilise Stripe payments and Deductifi never actually sees or records your payment details. Stripe employs advanced security measures such as encryption, tokenization, and compliance with PCI DSS Level 1 standards to protect sensitive payment information and prevent fraud.
Webserver Security: Our web host implements robust security measures, including data encryption, SSL certificates, and regular updates to protect your information.
Backup Servers: All your records are backed up daily to ensure if there is ever an issue with a server, your information is safe and sound.
After the end of each financial year, we recommend you add your annual share trading statement(s) to deductify. That way all your share trading history is in one location and easily accessible by you or your tax agent in order to calculate your Capital Gains/Losses or Trading Profit/Losses at tax time. Deductifi does not currently have a function to do CGT calculations for you, but it’s definately on the list of future developments!
You still record depreciable items that you purchase, the same way as other expenses. Deductifi will separate these out for you. Your tax agent will add it to your depreciation schedule, or if you chose to prepare your own tax return, we’ll provide you with steps to include it in your myTax return at tax time.