StrykeTax is a new app that aims to reduce the time, hassle and effort of preparing income tax returns.
What is it? ~ StrykeTax is a new app that aims to reduce the time, hassle and effort of preparing income tax returns.
The app works by taking pictures of your crucial tax documents such as payment summaries, deduction receipts, private health summaries and rental property information.
Then you submit your income tax information to your accountant by following the prompts; your accountant crunches the numbers and sends your completed return via email.
Review and sign it online and your refund is deposited straight into your bank account. There is no charge to the individual taxpayer.
Their accountant needs to be listed with the service (it is free to list) and a small fee per tax return submitted is then charged.
Quotation ~ "We have designed StrykeTax to work for both the accountant and the client. Everyone is in a constant state of busyness; we help the client by making their life easier around tax time whilst giving them the comfort that their accountant is still the one preparing their returns" -Luke Dawson
Where is it? ~ Available for download on mobile and tablets at the App Store, iTunes and Google Play. More information at stryke.com.au
The Market ~ The size of the Australian tax marketplace is significant, with individual tax compliance making up a significant portion of revenues. The industry’s revenue is approaching $18 billion, with around 10,000 firms currently engaged in the industry employing over 100,000 individuals.
Funding ~ To date the company has been privately funded (internally). Additional development work will require significant funds, so the company is considering a capital raise with external investors.