Fintechs promise to make tax returns easier
With the deadline for those lodging their own tax return of October 31 this year, preparations should be made now for staying on the right side of the Tax Office.
Filling out our tax returns is a chore that many of us put off for as long as possible; though most of us receive money back from the Tax Office.
About one in four lodge their tax returns by themselves with the Tax Office on the myGov website.
Those lodging with a registered tax agent can file later than October 31, as late as May next year, unless the taxpayer is in dispute with the Tax Office.
This year sees more options, particularly for those with simple tax affairs, as fintechs enter the tax agent space offering to do returns more quickly and cheaply than traditional tax agents.
POP aimed at Millennials
POP is just the latest fintech kid on the tax-return block, which is pitching its services to Millennials; most of whom have straightforward financial affairs. Patrick Sargent and Sid Cachuela, both qualified tax accountants and Millennials themselves, co-founded POP.
POP costs $39, on average, about a fifth of a traditional accountant. The cost is as low as $18 for those with incomes of less than $20,000.
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