Etax vs myTax – How do they compare?
Etax and myTax both provide online tax returns but there are some very big differences you need to know about
Let’s start with a basic question:
Do you want the best tax refund possible?
If the answer is yes, then keep these facts in mind:
- Etax’s mission is to get you the best possible tax refund.
- The ATO and their myTax platform exist to collect revenue for the government. It’s not their job to get you a big tax refund.
Our clients often tell us they get a bigger refund with Etax than they did when they previously lodged through myTax. The reason is a few big differences between Etax and myTax:
- Etax is Australia’s longest running online tax agent, while myTax is a government platform set up by the ATO.
- Etax charges a small fee but that includes guidance from real accountants as you go, as well as checks and any corrections to your tax return, before lodgment. (See below for full service description).
- myTax is free but doesn’t provide tax help, resources or checks before you lodge your return. Etax does!
Is there anything else I should know about myTax and Etax before I lodge my tax return?
Absolutely!
Tax is complicated so it’s almost inevitable that, at some stage, you WILL get something wrong when you go it alone and lodge your taxes through myTax.
Getting something wrong means a place on the ATO ‘risk’ list – or worse, an audit on your tax history. Errors also mean you might miss out on a bigger refund too. This is when your FOMO really is warranted!
But do I REALLY need to pay a fee to lodge my tax?
A good way to put this into perspective is to sit myTax alongside most other free services and products. Quickly you’ll realise, there are always drawbacks to anything that’s free.
You’ll never defeat the Death Slayer if you don’t know how to find the dragon gold!
Consider an online game:
With the free version of an online game, you can usually only achieve a certain level and have limited powers and limited access. You never get the full game experience or the extra tools and tips you need to get a decent score, defeat the enemy and get your name on the wall of fame, unless you switch to the paid version.
The same applies to most free online services. You can navigate certain areas and use limited functions, but you are rarely able to ask for help, or experience the full benefits and functionality of the product, unless you pay.
Across the board, a free service seems like a good idea at first but generally doesn’t provide all the resources or advice you need for it to be of any real benefit. Plus, there are always compromises to make.
With the free myTax platform through myGov, there is NO OPTION for help if you need it!
So let’s look at what that means:
- A complicated website,
- No guidance or personalised tax advice
- No how-to tips as you go
- If you miss tax deductions, no one tells you. (This often costs you far more than the fee to engage a tax agent).
- And as we said before, no one checks that your tax return is correct before you commit to lodging it.
So, doesn’t it make sense to pay a small fee, get the help you need to get a better refund and spare yourself the worry that you might have got something wrong?
When I choose Etax over myTax to lodge my tax return, what exactly do I get?
Unlike myTax, Etax provides you with a full tax agent service PLUS the resources you need, year-round, to keep you tax smart, organised and up to date on tax topics that relate to you.
The Etax service includes:
- 24/7 access to a secure, user friendly and easy to understand online tax form and document vault.
- Unlimited Live Chat and secure messaging with qualified, friendly accountants.
- Simple how-to videos and help popups to guide you through each section.
- Full review of every return. Your accountant will contact you if they notice something wrong or think you may have missed a deduction.
- Fast, electronic lodgment and any ongoing communications with the ATO, on your behalf.
- Fee From Refund option means there’s no need to pay anything up front. You only pay your fee when we receive your tax refund.
- Tax resources, checklists, and newsletters throughout the year, at no charge.
The Verdict
Most Australians use a tax agent like Etax because the saying: ‘You get what you pay for’ really does ring true when it comes to lodging your tax return.
No one can afford to take chances with their taxes so having Etax on YOUR side, to make sure you get the support you need, really is a no brainer.
myTax may provide the basic platform to process a tax return but are you really getting a fair deal and peace of mind when it comes to something as important as tax?
Find out how to get your taxes done in minutes with all the help and support you need, with Etax.
