For those taxpayers who have difficulty keeping all their deductible receipts together, the ATO ‘myDeductions’ app may be the answer. Simply download the ATO app to your smart device and choose whether you'd like to use the tool as an individual, sole trader, or both.
The app allows you to record work/business expenses, other tax deductions such as donations, vehicle trips and income (if you are a sole trader). It also allows you to upload photos of your invoices and receipts.
At tax time you can simply email the file to your tax agent.
Make sure you record your information on a single device throughout the year because you can only upload once per financial year. Back up your data regularly in case your device is broken, lost or stolen.
2018-02-04
