13 July 2016

myDeductions Tool

The ATO has released a new app called myDeductions, which is potentially useful.

The app is not designed for small business owners or sole traders, but it allows individuals to capture and categorise work-related expenses, gifts and donations, store photographs of receipts and record car trips.

Since its release, the app has continually improved its tracking methods, and you can now select from GPS, Point to Point or Odometer to record your car trips.

The benefit is that you can use the tool to keep all your deduction records in one place, and when it comes to tax time you can share the information via email directly with us. 

Of course you need to be comfortable with storing records "in the cloud", and locating them on an ATO app!

If you are interested a look at the quick videos below will provide more of a feel for the app:

myDeductions in action

Managing work-related car trips using myDeductions

Separating claims for work and home using my Deductions

Using myDeductions to keep electronic records

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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