What is Tax Deductions?

The mymoney247 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.

Tax Deductions is exclusive to customers on our mymoney247 Plus Plan and to clients of mymoney247 Financial Partners.

With Tax Deductions can:

  • Configure tax settings and have mymoney247 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.



If you would like access to this features, plus all the great features of mymoney247 Plus you can upgrade your account at any time by going to the Plan & Billing page on the mymoney247 desktop app.

You can read more about the benefits of upgrading to our Plus Plan, including our Money Back Guarantee on our website.