ITP partners with TaxTank for digital-first tax management

ITP Accounting Professionals has announced a new partnership with TaxTank, aiming to provide their 300,000 clients with a streamlined, digital-first approach to tax management. This collaboration comes at a crucial time, as the end of the financial year (EOFY) season approaches.

Walter John Bailey, Founder of ITP Accounting Professionals, commented on the partnership, "Partnering with TaxTank represents a significant milestone in our commitment to breaking barriers and delivering unparalleled value to our clients. By harnessing cutting-edge technology, we are poised to redefine the tax landscape, offering clients seamless access to their financial and tax data year-round, reducing the risk of client unintentional errors and saving time when submitting returns."

Nicole Kelly, Founder of TaxTank, also expressed her enthusiasm for the collaboration. "Our platform empowers taxpayers to proactively navigate their tax obligations with confidence, eliminating the stress and uncertainty associated with tax time. We see a natural fit with ITP, given their national presence and dedication to providing seamless tax solutions across Australia," she said.

This strategic alliance is set to offer ITP clients access to real-time financial insights, which will support better decision-making and optimise tax savings. The transition to a digital-first approach aims to reduce the traditional end-of-year tax workload by allowing continuous, live advisory services throughout the year. Additionally, it is expected to enhance compliance through improved record-keeping and data accuracy, particularly as the Australian Taxation Office (ATO) intensifies its scrutiny of both individuals and businesses.

Accountants are anticipated to benefit from this partnership by achieving greater accuracy and efficiency in their work, which will free up their time to provide more value-added advisory services to their clients. The elimination of manual data entry and paperwork is also expected to reduce the risk of errors and potential penalties, leading to greater client satisfaction.

TaxTank's platform is designed to be user-friendly and comprehensive, allowing clients to track income, expenses, investments, and other financial aspects effortlessly. With this integration, ITP clients can ensure compliance with tax regulations and optimise their tax outcomes more effectively.

Over the last year, TaxTank has seen substantial growth in its user base, which includes individuals, property investors, and sole traders. This growth reflects a broader trend towards digital solutions in tax management, as taxpayers increasingly seek out tools that offer convenience, accuracy, and the ability to manage their finances proactively.

The ITP and TaxTank partnership signifies a significant development in the tax management sector, moving away from traditional, manual approaches towards a more modern, digital methodology. Clients are encouraged to embrace this change, which promises to make tax management more efficient and less stressful.

While ITP has built a reputation over the past 50 years as trusted tax refund specialists, this new collaboration with TaxTank aligns with their mission to continually enhance service delivery through technological innovation. The partnership reflects an ongoing commitment to meeting the evolving needs of their clients in an increasingly digital world.