Any employee earning over the tax free threshold ($18,200) and required to lodge a personal tax return will benefit from Deductifi. Whether you are a student with casual employment, or an Executive on a 6 figure salary, Deductifi will significantly improve your tax management experience and help maximise your refund.
That choice is totally up to you. Deductifi will crunch the numbers and provide summary information that can be directly included in your tax return, including relevant schedules, logbooks, etc.
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, the best refund outcomes are achieved by focussing efforts on identifying deduction opportunities and keeping great records, then leaving the final review and lodgement of the return to a tax agent.
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
Yes, Deductifi is fully compliant with ATO regulations. Our app and tips are designed to help you claim deductions legitimately.
Yes, Deductifi is fully compliant with ATO regulations. Our app and tips are designed to help you claim deductions legitimately.
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 review by you or your tax agent to ensure no deductible expense is missed.
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 a net cost of $99 after a $46 tax refund.
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 tricks to increase your refund 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 ensure you haven’t missed any deductible expenses or 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 continuous support to ensure your tax management is as easy and beneficial as possible.
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.