Maximising your tax refund involves more than just tracking expenses; it's also about understanding how your deductions stack up against others in your field. TaxFox's Compare Claims feature empowers you to benchmark your tax deductions, giving you valuable insights and ensuring you're not leaving any money on the table.
Compare Claims Feature:
TaxFox's innovative Compare Claims feature allows you to see how your tax deductions compare to others in your occupation. This unique tool provides a comprehensive view of average deductions claimed by people in similar roles, helping you make informed decisions about your own tax claims.
Why Benchmark Your Claims?
Benchmarking your claims against others in your occupation can highlight potential deductions you might be missing and ensure you're claiming everything you're entitled to. It also provides peace of mind by showing that your deductions are in line with industry norms, reducing the risk of an audit.
How TaxFox Helps with Benchmarking:
Occupation-Based Insights
Start by selecting your occupation in the TaxFox app. The Compare Claims feature will then provide insights specific to your job, showing you the average deductions claimed by others in your field.
Real-Time Comparisons
As you log your deductions, TaxFox will compare your claims to those of others in your occupation. This real-time comparison helps you identify areas where you might be under-claiming or over-claiming.
Detailed Reports: Generate detailed reports that show how your deductions compare to the average. These reports can be useful for tax planning and ensuring you're maximising your refund potential.
Personalised Suggestions: Based on the comparison, TaxFox provides personalised suggestions for additional deductions you might be eligible for. This ensures you don't miss out on any potential tax savings.
Benefits of Using TaxFox for Benchmarking:
Maximise Your Refund: By seeing how your deductions compare to others, you can ensure you're claiming everything you're entitled to, potentially increasing your tax refund.
Reduce Audit Risk: Knowing that your deductions are in line with others in your occupation can reduce the likelihood of being audited by the ATO.
Make Informed Decisions: Benchmarking your claims helps you make more informed decisions about what to claim and how much to claim, giving you confidence in your tax return.
TaxFox offers a range of plans to suit different needs:
BASIC (Free):
Save 12 tax-deductible expense receipts.
Log up to 20 work-from-home days.
Save up to $1,000 worth of deductions.
Link 2 bank accounts.
Save up to 15 trips for work vehicle.
Ideal for anyone working from home less than 1 month in the year.
SMART ($8/month, billed annually):
Store 24 expense receipts per year.
Log up to 80 work-from-home days.
Save up to $2,000 worth of deductions.
Link unlimited banks and accounts.
Save up to 60 trips for work vehicle.
Ideal for employees with expenses, employees working from home at least 1 day per week, and easily preparing for tax return lodgements.
GENIUS ($13/month, billed annually):
Store unlimited expense receipts per year.
Log unlimited work-from-home days.
Save unlimited value of deductions.
Link unlimited banks and accounts.
Save unlimited trips for work vehicle.
Ideal for claiming every dollar of eligible tax refund, DIY tax return lodgers, entrepreneurs and self-employed, and employees with a home office or working from home more than 1 day per week.
Try TaxFox Today!
Don't leave money on the table this tax season. Use TaxFox's Compare Claims feature to benchmark your deductions and maximise your tax refund. Download TaxFox today on Android or iOS, and ensure you're getting the most out of your tax return. For more information, visit www.taxfox.com.au or follow us on Instagram, Facebook, and LinkedIn.
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