On the homepage press the new expense button and you will be taken to new expenses page. There you can select scan receipt and Trax will take the information from the receipt and enter it into the fields provided. There is also the option upload the image and fill in forms manually.
In the profile page there is the capacity to add multiple vehicles. Here you can add as many vehicles as you require. Once this has been completed go to the My Trips section where you have the option to add a trip. At this point you can select from the vehicles you have entered into Trax.
In both the My Trips and My Expenses sections there is a button which extracts files to an excel spreadsheet, which can then be emailed to relevant parties.
There is an edit button for any errors in entry.
When completing your tax return, you are entitled to claim deductions for some expenses, most of which are directly related to earning your income.
To claim a work-related deduction: firstly, you must have spent the money yourself and were not reimbursed, secondly the deduction must be directly related to earning your income and finally you must have a record to prove it.
Work expenses reimbursed to you by your employer are not deductible in your personal income tax return. The Australian Taxation Office can verify your expenses with your employer.
The Australian Taxation Office classifies work-related deductions into the following ten categories: work-related car expenses, work-related travel expenses, work-related uniform, work-related self-education expenses, other work-related expenses, interest deductions, dividend deductions, gifts or donations and cost of managing tax affairs.
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
TRAX is uniquely tailored for every individual who have payment summaries and need to lodge a tax return at the end of each financial year. There is no other software which offers real time tracking and accountant ready exportable reports.
Yes, TRAX is designed to record all your work relate expenses which can be used to justify your claims. It is sufficient, provided that the claim is directly related to the income you earned.
The Australian Taxation Office requires records to be kept for 5 years
TRAX makes record keeping and tax return compilation easier. Your accountant or tax agent just needs to review the reports TRAX generates and populate the tax return with the information provided. Alternatively, you can do it yourself using the Australian Taxation Office online tax return.
TRAX allows you to download and email information in either PDF or CSV format direct to wherever you need it.
At present, TRAX is only designed for work related deductions but there are plans to expand this to other areas of the tax return.
Yes, as part of cost of managing tax affairs.
TRAX has a function for tracking all business travel to give a precise calculation of the distance travelled for work. The traditional log book is no longer required as TRAX provides a record of travel on any number of vehicles.
TRAX provides an estimate of refund based on your taxable income without taking into consideration any other factors, we recommend engaging an accountant or tax agent to handle the final stage of lodging your annual claim.
Security is of highest importance for us and we will insure your data is safe at all times.
Yes, all data is regularly backed-up to insure against any eventuality.
Yes, TRAX will work wherever you are.
Yes, all data is exportable and available in PDF or CSV formats.