How Lodge Pro’s AI-Powered Deduction Finder Helped a Solo Trader Claim Missed Expenses - Maximizing His Tax Refund

Filing a tax return can be a tedious and overwhelming process. It’s easy to overlook numerous deductible expenses, especially when you have multiple bank accounts and various types of spending throughout the year. Many taxpayers miss out on significant refunds simply because they don’t have the right tools to identify and categorise all their eligible expenses.

But  

Lodge Pro - the AI-powered tax platform changed the game.

Recently, a solo trader businessman got registered with Lodge Pro. He linked all his bank accounts to Lodge Pro through our secure Open Banking integration. This feature allows the system to access a complete and up-to-date view of all transactions across all accounts in one place. Once connected, Lodge Pro’s AI deduction finder identified thousands of transactions and uncovered a comprehensive list of expenses that had been missed in previous tax filings.  

Earlier Missed Expenses – Identified by Lodge Pro  

Among the thousands of transactions detected and categorised by Lodge Pro were:

• Meal expenses from Uber Eats and various cafes and restaurants.
• Office and professional expenses, such as stationery and equipment.
• Insurance payments.
• Fuel, security and counselling expenses
• Self-educational expenses and many other

This wide categorisation of expenses meant the client could claim deductions on a wide range of costs that had previously been overlooked — from small meal purchases to significant professional expenses.

How the Lodge Pro AI Classifier Helped

Lodge Pro’s AI classifier uses advanced algorithms to analyse transaction details, names, and spending patterns, automatically categorising each expense into appropriate tax categories such as work-related travel expenses, self-education expenses, car expenses, clothing and laundry and many more. This eliminates the manual guesswork and reduces the risk of errors or missed claims.

For example, a meal purchased via Uber Eats automatically gets tagged as a “Meal Expense” and any fuel-related expense records will be categorised under the “Car-related expenses”.  

The Results for Clients: Maximised Tax Refunds and Peace of Mind

By leveraging this powerful technology, the client discovered thousands of dollars in missed deductions, resulting in a significantly larger tax refund than in previous years. This comprehensive categorisation also means their tax return is more accurate and compliant with ATO regulations, minimising audit risks.

Key benefits of Lodge Pro’s AI-Powered Deduction Finder and AI Classifier:

• Maximises deductions by identifying every eligible expense.
• Saves time by automating transaction categorisation.
• Ensures accuracy and compliance with tax laws.
• Provides transparency with clear explanations for each claim.
• Integrates seamlessly with Open Banking for real-time data.

A Solo Trader’s Hassle-Free Tax Win

By registering with Lodge Pro, this solo trader was finally able to uncover and claim a wide range of business-related expenses that had been slipping through the cracks for years. By securely linking all his accounts and allowing the AI deduction finder to analyse every transaction, he gained clarity over his finances and significantly boosted his tax refund. What was once a stressful and uncertain process became straightforward and rewarding, saving him both time and thousands of dollars he might have otherwise lost.