The end of the financial year is often a time individuals and small businesses dread. But there are a number of handy apps that can help take the stress out of lodging a tax return.
Listed below are just a few apps to help you.
Australian Taxation Office
Small businesses or individuals can use the ATO app to track, calculate and find relevant tax information and tools. It also answers common questions and highlights new or changed tax matters. You are able to lodge your income tax return, view and update details, view your super accounts and transfer into one account as well as keep track of your income tax and loan account balances.
This app is great for small businesses as it has an ABN lookup, search for information on a range of small business tax topics, calculate the amount of tax to withhold from salary and wage payments and more. Find the app here.
Your superannuation is essentially one of your largest assets and it is extremely important that you keep it a priority, no matter your age. When you receive your annual superannuation statement, firstly check you are being paid the right amount. Then, you can use this information to compare different funds to ensure you are getting the best deal.
The SelectingSuper app provides all the information you need to know about superannuation and choosing the best funds. The Good Superannuation Guide features updated performance and tax information, lists of top quality assessed funds and how to make sense of a super fund’s investment performance, fees, insurance and extra services. With an updated directory of Fund Profiles spanning Workplace, Personal, Retirement and Self Managed Superannuation, the Good Superannuation Guide is your place to go to get back in control of your superannuation whether you are an employer, an employee or personal fund member. Find the app here.
If there are certain things you didn’t do this financial year which will limit how much you claim (e.g. not keeping receipts), make a plan to do so during the next 12 months. Learn from any financial mistakes you’ve made in the past year – this time next year you’ll be thankful that you did.
The TrackMySpend app has a range of features to help you gain control of your money. You are able to record expenses such as your household budget, costs for special events, work expenses and regular cash expenses, such as takeaway lunches, that you may forget to include in your budget. This is a great tool which will give you a good idea of your spending habits.
You are also able to create a spending limit, view expense history, add tags to categorise expenses and also create reminders for payments due. It is often the small, re-occurring costs such as food and drinks that can end up affecting your budget and this app will make it easier for you to track it. Find the app here.