What is Tax Deductions?

The Moneylab Tax Deductions feature helps you identify and manage your tax deductions.

Thanks to the ATO's pre-fill capability it's pretty easy to get details of your income that you need for your tax return. We've designed Tax Deductions to supplement this information to help you complete your tax return and never forget to claim an allowable tax deduction again.

With Tax Deductions you can:

  • Configure tax settings and have Moneylab identify transactions that might be tax-deductible
  • Confirm specific transactions as deductible or non-deductible
  • Set deductible proportions for expenses that are part work-related and part private
  • Record images of receipts and notes against deductible expenses to help meet your record-keeping obligations
  • Produce summaries of tax-deductible expenses and share them with your accountant or financial adviser
  • Access guidance and supporting materials directly from the ATO to help stay up to date with rules about deductions

When you set up the Tax Deductions feature it will look for transactions across tax years - so you can use it to prepare last year's return and track your expenses for this year.

 

Related Articles

Still searching?

Didn’t find what you were looking for?
Submit a request or contact us at appsupport@moneylab.com.au

© 2021 Moneylab. All rights Reserved.