Team Name

Tsquared

Team Members

Project Description

ThinkTax: Proactive, Personalised Tax Guidance

Overview

Australians miss out on deductions, offsets, and government incentives because tax guidance is reactive and assumes a high level of financial literacy. Many people only discover issues or opportunities at the end of the financial year, when it’s too late to act. This results in errors, missed entitlements, and financial stress — particularly for those who cannot afford professional tax advice.

ThinkTax is an AI-powered assistant that transforms the tax experience from reactive to proactive. By combining ATO datasets, government policies, and financial literacy support, ThinkTax delivers personalised, year-round guidance in clear, accessible language.

Solution

ThinkTax helps Australians:
- Proactively identify tax events such as potential tax bills based on income earnings, share sales and additional income.
- Receive personalised nudges when action is required — e.g., uploading documents, considering deductions, or making contributions.

- Access plain-language explanations of complex rules, bridging financial literacy gaps.

- Stay on top of deadlines with a built-in tax calendar and reminders.

- Securely manage documents for easy upload, storage, and reference during tax time.

Key Features

• 📊 Overview: Uses ATO and external financial data feeds to recognise superannuation balance and planning
• 💬 Chat: Provides proactive, easy-to-understand explanations and guidance.
  
• 📅 Tax Calendar: Tracks deadlines and obligations, sending reminders for key dates.
  
• 📊Activity: View expected income for the year, alerting for any potential changes
• 📂 Document Hub: Secure storage and sharing of receipts, contracts, and confirmations.
  

Data Story

Data Sources

ThinkTax leverages:

- ATO Open Data (tax statistics, offsets, deductions trends)

- ATO Policies (Web pages describing how tax policies are implemented and eligibility criteria)