Deduction Tracking

Why track deductions?

Tracking deductible expenses throughout the year means you won't miss legitimate claims at tax time. Finance Frank makes it easy with a per-transaction tax deductible toggle and receipt attachments.

How deduction tracking works

Automatic detection

Finance Frank maps each transaction category to ATO deduction categories (D1-D5). Common deductible categories include:

• Work-related travel (D1)
• Work-related clothing (D3)
• Self-education expenses (D4)
• Home office expenses (D5)
• Professional subscriptions (D5)
• Investment expenses
• Income protection insurance

Per-transaction toggle

You can override the category default on any transaction:

1. Open a transaction (or create a new one)
2. Toggle Tax Deductible on or off
3. This overrides the automatic category mapping for that specific transaction

For example, a "Dining Out" transaction is normally not deductible — but if it was a client entertainment expense, toggle it on. Conversely, a "Transport" expense that was personal (not work-related) can be toggled off.

Add notes

Use the Notes field on each transaction to record the reason for the deduction — e.g. "client lunch with Acme Corp", "work from home stationery", or "conference registration". Notes are included in your tax reports and exports, giving your accountant clear justification for each claim.

Attach receipts

Keep your records in one place by attaching receipts directly to transactions:

1. When adding or editing a transaction, click Attach receipt
2. Upload a PDF, PNG, or JPG (max 10 MB)
3. The receipt is stored securely and linked to that transaction

This makes EOFY preparation simple — all your deductions and supporting documents are already organised.

Viewing your deductions

Go to Tax to see a breakdown of all deductible expenses for the current financial year:

• Total deductions by ATO category
• Per-transaction deductible amounts (including manual overrides)
• Estimated tax saving from your deductions
• Adjusted taxable income after deductions

Compiling deductions at EOFY

At the end of the financial year, your Tax Position dashboard shows:

• Every deductible transaction grouped by ATO category
• Total deductions and the tax saving they represent
• All attached receipts ready to provide to your tax agent

Ask Frank "What are my deductions for this financial year?" for a quick summary you can share with your accountant.

Tips

• Tag deductions as you go rather than scrambling at tax time
• Add notes to deductible transactions explaining the business purpose
• Attach receipts immediately — don't let them pile up
• Use the tax deductible toggle for edge cases where the category default doesn't apply
• Ask Frank for help determining if an expense is deductible
• Remember: you can only claim deductions you're genuinely entitled to

Finance Frank helps you track deductions but does not provide tax advice. Consult a registered tax agent to confirm your claims.