Creating an invoice can often be a tedious task, but with TaxTank, we simplify the process by providing a comprehensive list of income and expense categories. These categories are seamlessly mapped to your business schedule and tax summary, ensuring that you capture every detail needed for accurate tax reporting.
Income Categories
TaxTank offers a wide array of income categories to cover all your business earnings, including:
Assessible Government Payments
Commission
GST Refund
Gross payments - Labour hire or other specified payments
Gross payments - Voluntary agreement
Gross payments - no ABN given
Interest Earned
Jobkeeper
Labour
Other Assessable Payments
Other Business Income
PSI - ABN not quoted (N)
PSI - Labour Hire or Other (O)
PSI - Other (J)
PSI - Voluntary Agreement (M)
Parts & Consumables
Sales
Uber Income
These categories ensure that no matter how diverse your income streams, everything is neatly categorised and ready for tax time.
You can also add deductions and fees to your invoices if you need to account for a variance on payments received.