Tax time, sorted
Your tax year, prepared as you go.
Compound already knows what you own, so tax time is the year you have already tracked, checked off one card at a time. It organises your own records. It is not tax advice.
How it works
- A card for everything that earns — You (your pay and the things you can claim), each rental property, your shares and ETFs, your savings and your crypto. Tap a card, follow a few short steps, and it ticks off.
- Sorted by who owns it — You and your partner first, then each trust, company and SMSF. Money moving between an entity and its people is filed under the right owner behind the scenes, so nobody picks an entity on every line.
- Your statements do the typing — Import a bank statement and each transaction lands on the line it belongs to, for you to check. Drop in an annual tax statement, a broker’s EOFY statement, a loan statement or your agent’s rental statement and Compound reads the figures off it. Money a statement already counts is set aside, so nothing is counted twice.
- Loan interest, worked out — Compound reads your loan transactions and tells an interest-only loan from principal and interest by the pattern of repayments. Where only part of a payment is claimable, it asks for the loan statement and takes the interest from that.
- Rental property, line by line — Rent in, and every cost an investor can claim prompted as its own line: interest, rates, land tax, insurance, strata, management and repairs.
- Your partner, in the same place — Ask your partner for permission to do their cards alongside yours, or mark that they lodge their own.
- Trusts, companies and SMSFs — Each entity gets its own cards. For an SMSF that includes member contributions, including the ones that arrive through SuperChoice and other clearing houses, and the fund’s insurance statements.
- Receipts where the claim is — Add a receipt to the claim it belongs to, from your phone or computer, and it goes into the pack with it.
- A list of the paper still missing — Each card ends with the documents your accountant will ask for, like receipts for work costs over $300 or the contract for a property you sold.
- Finished two ways — Using an accountant: download one pack with the figures, a covering summary and every statement and receipt, each file named for what it is and who it belongs to. Lodging yourself: a clearly labelled estimate and the myTax steps with your figures beside them.
Common questions
Does Compound do my tax return?
No. Compound organises your own figures and hands them to you, or your accountant, ready to lodge from. If you lodge yourself it shows the myTax steps with your figures beside each one. It is record keeping, not tax advice, and Compound is not a registered tax agent.
Is it only for investors?
No. The You card covers your pay and common work claims, alongside cards for rental properties, shares and ETFs, savings and crypto. Trading businesses are not covered.
Can I import my bank statements?
Yes. Import a bank statement and Compound sorts each transaction onto the right line, which you can correct. You can also enter figures by hand.
Does it handle a trust or an SMSF?
Yes. Cards are grouped by who owns each thing, so each trust, company and self-managed super fund has its own section and its own figures, separate from yours.
Will it tell me what tax I owe?
If you lodge yourself, it shows a clearly labelled estimate for each person so there are no surprises. If an accountant is doing your return, there is no estimate: that is their job, and a second number only confuses it.
Related
- The investment tax report
- Investor tax return checklist
- Rental property tax deductions
- Entities and SMSF
Reviewed on ProductReview.com.au
★★★★★ 5.0 out of 5
Compound allows me track bank accounts, shares and property all in the one app. I can view the year I become financially independent but also use their calculators and budgeting tools to run scenarios and watch how that freedom year is impacted. One of my favourite features is that my wifes account and my account can be linked so our financial goals are visualised and aligned.
I’ve been using Compound for a while now and it’s helped me consolidate everything into a single portal. It’s easy to use, gives me all the important info at a glance and helped us make more informed financial decisions
What a fantastic and innovative app this is. It has helped me combine all my finances in one place rather than having to check 5-10 individual apps. Keep the new features coming Compound!
Could not recommend this app enough! It has allowed me to sit down and really look at my finances. I now have a clear goal and know exactly what to do to get there. Well done to the team at Compound for creating such an innovative product.
Such a great app - combines all my assets in one place and models when I can stop work. It is so accurate, customer service is great, app is slick and works well. Data secure and never had an issue. Highly recommend
More features
Your Freedom Year · Everything you own · Property, analysed · Scenarios · Budget · Bill checker · Shares, ETFs & crypto · Automatic tracking · Borrowing power · Development feasibility · Entities & SMSF · Couples · Goals · The bigger picture · Pip, and your progress