July 1st is on it’s way! It is end of financial year and that means, tax time! This time of year means different things for different people. For some it is paying the taxman, for others it means a refund or if you run a business it is about finding those receipts!
Never fear, no matter what position you in, there is an app for you!
Price: Free
Compatible with Windows, Android and iOS
Many of you may remember the ATO put out a very clunky and hard to navigate App many years ago. If you haven’t see it in a while you may be pleasantly surprised with it now. The app has undergone a redesign and improved functionality. It is also compatible with all phone operating systems. You can download it from the ATO site for free here.
eTax Return by Pocketbook 2016
Price: free to start, $49+ to lodge
Platforms: iOS
eTax Return by Pocketbook allows you to lodge your tax return in a matter of minutes. The app is available on iOS, and is free to download and start your tax return. Once you’re ready to lodge, the fees start at $49. It is also possible to have your fee taken out of your return, as many do when handling their tax through an accountant. Of course, all tax returns submitted through Pocketbook, are reviewed by a registered accountant before lodging.
Price: $13.99 / free
Platforms: iOS / Android
Use these two popular mileage apps to log your drives. VehicleLog is available for iOS and the Android equivalent is Vehicle Logger. If you use your vehicles for work, or manage multiple cars for your business or workplace these apps are for you. The ATO requires a logbook for a continuous 12-week period in order to claim deductible expenses on your vehicle. That log, is then valid for the next five years, so long as the logbook reflects your everyday use.
Both include support for multiple vehicles and are ATO compliant, as well as allowing a choice between GPS tracking of vehicles and manually entering your trips. The apps are similar but differ in price, Vehicle Logger is free and VehicleLog will cost you almost $14. However, as the app’s page points out, the cost of the app is actually a deductible expense itself.
MYOB and Xero
This has more to do with business accounting, but at tax time if your accounts have been maintained through a cloud based system going to the accountant at Tax time can be much smoother.
MYOB and Xero both offer apps for mobiles and one of the major pluses is the ability to access accounts directly from your phone. Ask your bookkeeper or accountant if they are certified in either or both platforms. This will make choosing one and streamlining your bookkeeping services easier.
Both of the platforms have similarities, but one of the major differences is MYOB allows you to invoice and take payments from credit cards directly from your phone. Xero allows you to upload your business expenses and receipts by taking a photo from your phone and reconciling it via the app.
It is best to ask your professional bookkeeping services for their input before making a commitment to either platform.
If you have questions about installing or updating apps, please be sure to get in touch. We are always happy to help.
