TaxBot is an AI-powered tax and expense app for everyone — from individuals wanting a bigger tax refund to sole traders, freelancers and small businesses in Australia and the United States. You scan a receipt or upload a bank statement, and TaxBot's AI categorises each transaction, finds the deductions you're entitled to, tracks GST/BAS, and estimates your tax in real time.

How does TaxBot help me save on tax?

TaxBot reads your receipts and bank statements and uses AI to identify every work-related expense you can legally claim — matched to your occupation — including items people commonly miss like subscriptions, tools, phone, vehicle and depreciation. Claiming more legitimate deductions lowers your taxable income, so you keep more of what you earn.

Does TaxBot handle GST and BAS in Australia?

Yes. TaxBot tracks GST collected and paid, breaks it down by BAS quarter and full financial year (1 July – 30 June), and gives you a clear net-GST figure to help you prepare your Business Activity Statement.

TaxBot is for anyone who wants to pay less tax and keep better records — everyday individuals and employees claiming work-related deductions, as well as sole traders, freelancers, contractors, gig and rideshare drivers, tradies and small business owners. If you have expenses you can claim, TaxBot helps you find and track them without an accountant doing everything manually.

Yes — you can start free with no credit card. The free Starter plan includes essential tools and a monthly allowance of AI actions. Paid plans (from $14.99/month AUD) add unlimited receipts, more AI, and extra modules like invoicing, mileage and depreciation.

Can TaxBot turn my bank statement into deductions?

Yes. Upload a PDF or image of your bank statement and TaxBot's AI extracts every transaction, detects the financial year automatically, flags likely business deductions based on your occupation, and lets you save them to your records in one step.

The 2026 Tax Cuts Explained: How Much Will You Really Save?

Breaking down the biggest tax reform in years and what it means for your wallet

Breaking news for Australian taxpayers: The Federal Government has announced the most significant tax relief package in over a decade. Starting July 1, 2026, millions of Australians will see immediate relief in their pay packets as the lowest marginal tax rate drops from 16% to 15%. But that is just the beginning.

In a move that will affect over 13.6 million taxpayers, the government has confirmed a two-stage tax cut that will see the rate drop even further to 14% from July 2027. For a typical Australian worker earning $75,000, this translates to an extra $268 in your pocket in the first year, growing to $536 annually from 2027-28 onwards.

Let us break down exactly what these changes mean for you, when they take effect, and how you can maximise your tax position during this transition.

What is Changing: The New Tax Rates Explained

The Australian tax system operates on marginal tax rates, meaning you pay different percentages on different portions of your income. Currently, the lowest marginal rate sits at 16% for income between $18,201 and $45,000. Here is how that is changing:

      Tax Rate Changes at a Glance
      Current (2024-25): 16% on income from $18,201 to $45,000
From July 1, 2026: 15% on income from $18,201 to $45,000
From July 1, 2027: 14% on income from $18,201 to $45,000

    

This one percentage point reduction in 2026-27, followed by another percentage point in 2027-28, applies to the $26,800 income bracket. While it might seem like a small change, the cumulative effect is substantial.

Who is Affected: Every Working Australian

Unlike some tax changes that target specific income brackets, these cuts benefit virtually everyone who pays income tax in Australia. Here is who stands to gain:

Full-time workers: The vast majority of employees earning above $18,200
Part-time workers: Anyone whose annual income exceeds the tax-free threshold
Casual workers: Those who work enough hours to trigger income tax
Self-employed individuals: Sole traders and contractors
Retirees with income: Those drawing income above the tax-free threshold

The Australian Treasury estimates that 13.6 million taxpayers will see benefits from these changes, with lower and middle-income earners receiving the largest proportional benefit relative to their income.

Impact Analysis: Real Dollar Savings

Let us look at the real numbers. Meet Sarah, a 34-year-old marketing coordinator from Brisbane earning $75,000 per year.

Sarah's Tax Savings Story

Under the current system, Sarah pays the following on her first $45,000 of taxable income (after the tax-free threshold):

$0 on the first $18,200 (tax-free threshold)
$4,288 on income from $18,201 to $45,000 (16% rate)

From July 2026 (15% rate):

Sarah saves 1% on $26,800 of income = $268 per year

From July 2027 (14% rate):

Sarah saves 2% on $26,800 of income = $536 per year

For families with two working parents, these savings double. A household with two $75,000 earners would keep an extra $536 in 2026-27 and $1,072 from 2027-28 onwards.

What You Need to Do

The good news is that for most Australians, you do not need to do anything. Your employer will automatically adjust your tax withholding from July 1, 2026. However, there are some smart moves you can make:

1. Review Your Withholding

If you have multiple income sources or claim significant deductions, consider lodging a PAYG withholding variation.

2. Plan Your Deductions

With lower tax rates, the value of deductions changes slightly. While deductions remain valuable, each dollar of deduction will save you slightly less in tax.

3. Consider Salary Sacrifice

The rate cut makes the comparison between taking salary versus salary sacrificing to super more interesting.

4. Update Your Budget

Build the extra take-home pay into your budget. Whether it goes to savings, debt reduction, or investments, having a plan prevents the money from disappearing.

How TaxBot Helps You Prepare

Navigating tax changes can be confusing, but TaxBot makes it simple:

Real-Time Tax Calculator: Our updated calculator shows your exact tax position under both the current and new rates
Automatic Updates: TaxBot automatically incorporates new tax rates as they take effect
Deduction Tracking: Continue maximising your deductions with our smart receipt scanning
Personalised Insights: Our AI analyses your specific situation and provides tailored advice
Tax Calendar Alerts: Never miss a deadline with reminders for key dates

With TaxBot, you are not just reacting to tax changes; you are proactively managing your tax position all year round.

Expert Commentary

"These tax cuts represent meaningful relief for working Australians, particularly those in the lower and middle-income brackets. The cumulative effect of an extra $536 per year is significant when you consider the power of saving or investing that money consistently over time."
- Sarah Mitchell, Senior Tax Strategist at TaxBot