Let’s face it. Tax time can be an absolute nightmare.
According to the Australian Taxation Office (ATO), individuals on average spend over four hours completing their tax returns. Some may be okay navigating the online myTax system, while others would rather not spend their Friday night getting a headache trying to maximise their tax deductions.
And it’s not just that lodging a tax return takes up a lot of time. Often, Aussies are getting it wrong as well. Research shows that up to 3.3 million Australians are are missing out on $300 million in unclaimed tax. The worst part is: despite more than half of self-lodger tax returns containing serious errors, the vast majority of them (a remarkable 97%) were confident on the accuracy of their return.
This is where One Click Life aims to provide a solution.
Making tax returns stress-free
Perth-based fintech One Click Life provides an online tax lodgement service linked directly to the ATO. By doing this, it aims to simplify the process and maximise tax returns.
The startup has achieved major success by more than doubling its user base in the past four months.
“We’ve built an easy to use online tax lodgement service enabling our customers to lodge their tax return when they want, where they want, from any device they want,” said director Mark Waller.
Some people may be wondering exactly how One Click Life differs from myTax, the government’s online tax service people often use.
The startup said they provide a variety of features that myTax does not, including making it easier to claim deductions by searching bank transactions for deductions automatically, provides free live chat and phone tax advice, is checked by a qualified tax accountant to avoid delays and audits from the ATO, and utilises encrypted blockchain protection.
The startup also recently launched their second product, an online will – productising the two ‘certainties’ in life: death and taxes.
“We wanted to create an easy to use online will that would be suitable for 90% of the Aussie population – humanising technology to make it usable for everyone is an exciting part of the journey we’re on,” said One Click Life Founder Nathan Kerr.
With a growing user base of over 36,000 Australia-wide and an expansion of services into wills (and health insurance later down the line), there seems to be an exciting future ahead for this WA success story.
For more information, visit www.oneclicklife.com.au