MyDeductions App makes it easy and convenient for you to keep tax-related records in one place.
The MyDeductions app was developed by the Australian Taxation Office for those individuals who get lost in a sea of receipts each year.
The app is directed at people who have individual returns or sole traders with simple tax affairs, and makes it easy an convenient for you to keep track of the following items as they occur;
Expenses – Capture and save photos of your receipts throughout the year to claim as a deduction on your return. The app keeps track of the expense amount, GST and allows you to include descriptions of the expense e.g. stationery, tools, telephone, donations etc.
Business Income – Capture and save photos of business income by using the same method as expenses.
Travel Items – Keep track of your work related kilometres or complete a detailed log book. The app provides flexibility depending upon the level of detail required by offering options such as point to point trips, GPS calculations, odometer calculations or manual logbooks.
Other Online Services – The app provides other services such as direct access to lodgement and tracking the progress of your tax return, updating details, managing super, lodging activity statement (BAS) as well as management and payment of your PAYG instalments.
The app is versatile by offering a number of services combined with being flexible on the way it performs its tasks depending upon the user’s preference and details required.
Simply record and track income and expenses as they happen. By keeping your records digitally you won’t miss out on a deduction due to lost receipts ever again!
The benefits are numerous however when it comes to preparing your annual tax return all the information is saved in one place, with data privately stored on your mobile device or personal cloud service until you upload it to the ATO.
If you prepare your return yourself it integrates into your myGov account or if you use an accountant you can either send them a complete copy of the file containing the records and photos of receipts or send an excel summary which contains these details.
The app is available to download on all major platforms e.g. Apple App Store, Google play and Microsoft Windows Store.
If you have any questions regarding the app and how it can help you manage your tax affairs, please don’t hesitate to contact our office on (02) 4962 2022.