Are you looking for a quick and easy way to manage your records this financial year?
The ATO have released a new myDeductions tool available as part of the ATO app. The tool allows you to use your smart device to record and capture a range of work-related and general expenses, photos of invoices and receipts and the ability to document vehicle trips. If you are a sole trader, you can also use the tool to record business income and expenses.
The myDeductions tool will enable you to practice good record keeping by tracking your income and expenses accurately in real time. By keeping your records digitally you won't miss out on the deductions you are entitled to due to the common "lost receipts" ever again.
At tax time next year, all you need to do is either:
- email us your records directly from the tool
- upload your records to the ATO, which will be available to you through the practitioner lodgement service.
All data uploaded to the myDeductions tool is privately stored on your device or personal cloud service.
Visit the Apple Store or Google Play Store to download the ATO app and start using the myDeductions record keeping tool today.