Long gone are the days of rummaging around for random receipts come tax time. Whether you’re a sole trader looking for a way to monitor your cash-flow, or an employee trying to keep expenses under control, the ATO’s myDeductions phone App provides an easy and convenient way to keep track of your tax deductions, income and work-related expenses.
You can use myDeductions to:
- capture information on the go
- claim deductions you might otherwise miss out on (ever lost a receipt or found they’re too faded to even read come tax time?)
- email your data straight to your tax agent for hassle-free lodgement
How to use myDeductions
Simply download the myDeductions App to your Apple or Android device and choose whether you’d like to use the tool as an individual, sole trader, or both. Then you can add:
- vehicle trips
- income (if you’re a sole trader)
- photos of your invoices and receipts.
Watch these handy How-to videos for a demonstration of how the App works – then simply download the App and you’re on your way to a less taxing tax-time!
For personalised advice about tax and employment-related deductions, just email us or call us on 9887 8751 for an appointment.