Do you spend hours going through bank statements and looking for receipts for 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. Getting the details of your tax deductions is much more difficult.
But now you can use MoneyBrilliant to manage your tax deductions.
The latest version of the MoneyBrilliant service, available today, includes a brand new feature called Tax Deductions. You can now:
- Configure tax settings and have MoneyBrilliant 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 setup 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.
We hope that by using MoneyBrilliant to track your tax deductible expenses you never forget to claim an allowable deduction again.
You can see a brief overview of the new Tax Deductions feature here.
New Account Connections
We are constantly working to bring you new account connection options to make sure we can give you a full picture of your money. We have recently added connections for the following institutions and account types:
- Bell Potter (stockbroking, superannuation and investments)
- Community First (bank accounts)
- Military Super (superannuation)
If you have an account with any of these institutions you can now connect the account to MoneyBrilliant. To do this, simply login to MoneyBrilliant, go to Accounts and Add a new account.
We are now working on connections for Pepper Money bank accounts and personal loans and BT Panorama superannuation and investment accounts and hope to make these available soon.
If you have an account at a financial institution we cannot currently connect to please let us know by sending an email to firstname.lastname@example.org
We hope you enjoy these new features. If you have feedback on the new features or on any other aspect of the MoneyBrilliant service feel free to let us know at email@example.com or complete a quick survey for us.
Oh, and we have another big announcement to make later this month – something we are working on now that will make a big difference to the lives of many of our customers. Watch this space!
Don’t just be good with money, be MoneyBrilliant.