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ATO App - "MyDeductions"

ATO App - "MyDeductions"

  • Thursday, 04 February 2016 22:43

The ATO has launched a refreshed version of its app to introduce “myDeductions”, a brand new online tool designed to help Australians keep track of their deductions by allowing them to capture expenses on the go. The ATO app is free and available in Apple, Android and Windows stores.

Whilst “myDeductions” has been designed for individuals, the ATO App still has a lot to offer small business and sole traders. The latest version of the ATO app has a range of tools for business, including the new Business performance check tool, which gives small business owners a quick snapshot of their financial health and lets them compare their performance to others in their industry.

If you start using “myDeductions”, come next tax time you will have the option of uploading your completed deductions data to the ATO. The ATO will then use this information to pre-fill your 2015-2016 “myTax” return. If you lodge using an agent, the same information will be available to them to complete your tax return also.

Recording an expense in “myDeductions” is easy. All you have to do is add the amount, the date of purchase and a description. “MyDeductions is your pocket filing cabinet. If you’re really in a hurry, you can snap a quick photo of the receipt with “myDeductions” and then fill out the details later. records3

Use “myDeductions” to keep records of:

•Work-related car expenses – manage your car trips using point-to-point, odometer method or keep an electronic log book.

•Work-related travel expenses such as public transport, air travel and taxi fares, bridge and road tolls, parking fees, meal, accommodation and incidental expenses incurred while travelling for work.

•Work-related clothing, laundry and dry-cleaning expenses, for example protective clothing, uniforms, occupation-specific clothing, and laundering or dry-cleaning such clothing.

•Work-related self-education expenses such as costs of attending seminars, conferences or education workshops.

•Other work-related expenses such as home office expenses (mobile phone, internet).

•Gifts and donations.

•Cost of managing your tax affairs.

 

 

 

 

 

Let us advise you with your accounting and taxation needs!