We don’t know about you but when we think about the Australian Taxation Office (ATO) the term progressive is not generally front of mind. But maybe we have them all wrong. After reading this you may be thinking that “the ATO actually got their …. stuff…. together.” We jokingly call it the ‘appening.
Gone are the days when tax time came around you had to dig out that shoebox with all your receipts stashed in it and figure out what was tax deductible and what wasn’t … and that’s if you could still read the receipt or remember what it was for. The ATO have introduced a clever app called myDeductions to be your virtual ‘shoebox’. We note though that this app is solely for individuals claiming work-related expenses as an employee, not sole traders and small business owners.
With the myDeductions app you can:
• Capture and classify work-related expenses, gifts and donations, the cost of managing your tax affairs and expenses incurred in earning interest or dividends
• Store photographs of receipts
• Record car trips
In addition to misplacing receipts we find that an individual’s biggest struggle is recalling their work-related car trips taken over the past year. With this app it is much easier. You now have a choice of 3 tracking methods, being GPS, point-to-point or odometer readings.
When it comes time to complete your tax return, you can simply send all your recordings to our team and we will complete your return for you. It really is that easy!
Still not convinced? Watch this video to see the app in action for yourself!
To start using the app, search for ‘myDeductions’ in the App Store, Windows Store or Google Play to download.