Use the Allocate option, and then change then select the Personal tank icon to change to reconcile:
Personal transactions;
Non-deductible transactions; and
Transactions that relate to a bank account not linked with TaxTank (for example, loan repayments or other transfers from one of your own accounts)
Step 1 - Select Allocate
Choose the bank account, and then from reconcile tab choose the drop-down. You will see the 3 options, choose 'Allocate'.
Step 2 - Choose Personal
You will see 3 icons on the right hand side ;
Property Tank - for property related transactions
Work Tank - for work related income and expenses
Personal - for private transactions which don't impact tax or property
For personal transactions, or transactions that relate to a bank account not linked with TaxTank, choose Personal.
Step 3 - Select the Category
For private transactions, the next step is to start typing what the transaction is in the category field (for example, food, entertainment or other personal income) and then select it from the searcher.
FAQ -
Q. How do I allocate a transaction from an account not linked with TaxTank?
A. Use category 'Personal Income - Other' to allocate payments from bank accounts not linked with TaxTank (for example, loan repayments or cash gifts).
Personal Income & Expense Categories | Examples |
Boats & Jet Ski’s |
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COVID 19 - Additional Support Payments |
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COVID 19 - Early Release of Super |
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COVID 19 - Supplement Payments |
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Caravans & Motor homes |
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Centrelink - Family Benefits Payments |
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Childcare & After School Care | Childcare - costs of childcare including daycare and before and after school care |
Child Support | Child and Spouse Maintenance - either treated as a liability or added to living expenses |
Clothing | Clothing and Personal Care - clothing, shoes, hair cuts, cosmetics, beautician services, etc |
Entertainment | Recreation and Entertainment - all the fun stuff etc should go in here:) |
Food - Groceries | Groceries |
Food - Dining in/out | Restaurants, bars, Uber Eats and takeaway |
Gifts |
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Gym & Health |
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Hair and Beauty |
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Higher Education and Vocational Training (not deductible) | Higher Education and Vocational Training - This is usually covered within HEM living expenses |
Hobbies |
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Medical | Medical and Health - excl Health Insurance |
Personal Expenses - Other |
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Personal Income - Other |
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Pets | Pet Care - including pet insurance |
SMSF Transactions |
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School Fees | Public or Government Education / Private School Education and Tutoring |
Sports |
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Subscriptions (not deductible) | Telephone, Internet, Pay TV - covers phone, mobile phone, Internet and streaming services such as Netflix, Spotify, etc |
Travel (not deductible) | Transport - parking, tools, petrol, maintenance, rego. Can include insurance for some lenders |
Tax Refund |
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Step 4 - Attach a receipt (optional)
To attach a receipt select the paper clip, then upload or drag your attachment. Once attached the paperclip will turn green.
Attached receipts will be stored permanently in the Spare Tank for safe keeping.
Step 5 - Confirm
Select the 'Continue' button to confirm the allocation.