If you’re unsure where to start with preparing for tax time, why not look at our MyFramework wealth portal to help get you started?

WHAT IS MYFRAMEWORK?

Our MyFramework app is an online tool that can help you manage your whole financial world. You can see all your bank accounts, debts, budget and store your important documents. And right now, you can use this to help you prepare your tax return.

HOW DOES IT HELP ME WITH MY TAXES?

MyFramework has a specially built Tax Assistant to track, tag and store relevant tax information.

To get the most out of the tool it’s best that you add in all of your financial information, this is quite easy, and the tool helps you through the process at every step. However, you can add only the relevant information if you wish.

The Tax Assistant will ask you to add in the following information:

Income

If you have already put your information into MyFramework, all of your income will be added automatically, this includes your salary, bank interest, etc. Here are the items that will be collected:

Rental property

You can add all the details of your rental property into MyFramework including your purchase documents, depreciation schedules, landlord’s insurance, and any other property related documents. You can then use the app features to tag and filter property-related transactions as tax items. You can also upload receipts and other support documents to support your tax claim.

Deductions

If you’ve been using MyFramework throughout the year, you should have been tagging your expenses as deductions. These transactions will then be pulled through and be visible here. If not, don’t fear. You can add the deductions here and you can also upload receipts if required.

Supporting documents

This is your chance to upload any documents that might be relevant to your tax return such as your payment summary, private health insurance statement, receipts for donations and so on.

SHOULD I ONLY USE THIS AT TAX TIME?

No! This powerful tool can help you with many aspects of managing your money and can be used all year round to help you keep track of your finances. Set yourself up for success with MyFramework’s powerful organisation, analytics, and collaboration tools:

• Keep your finances organised From property and bank accounts to loan repayments, insurance, and estate planning, connect all aspects of your financial world in one place.
• Build your A-Team Invite family members and professionals, like your property manager and lawyer, to collaborate. Assign permissions to control what they can view or change.
• Track your spending, create new habits Whether you’re spending too much on travel, coffee, or shoes, MyFramework helps you manage your spending with easy to use cashflow and budgeting features.
• Make smarter decisions With powerful reports and purpose-built wizards like the Tax Assistant, the portal is full of tools to help make managing your finances a breeze.
• Stay on target with monthly reports Stay on top of your goals with monthly financial health checks delivered straight to your inbox. Get updates on your budgets, goals, and tax deductions.
• Reach your goals Planning to retire at 50? Buy a third property? Create a legacy for your family? Whatever your goals, the MyFramework app can help you set, track and achieve them.

HOW CAN I ACCESS MYFRAMEWORK?

Your adviser should have sent an invitation to your preferred email address. Once you’ve located the email, select the activation link. You will then be asked to create a password. *Please note: if you can’t find the email don’t forget to check your junk mail / spam folders. If you still can’t find the email, just ask your adviser to send this to you again.

HOW SAFE IS THIS?

The Portal uses the same 256- bit encryption that banks use to protect your private details. And like banks, it has a layered security infrastructure with “checkpoints” throughout to minimise risks.

MyFramework, powered by My Prosperity, is a secure portal that helps you track, manage and organise your finances. And if you download the app, you can do all of this while on the go!