ATO myDeductions App makes recording a breeze
The Australian Taxation Office (ATO) has had a free phone App available for some time, but it has been informational based.
We are now pleased they have added a new feature called myDeductions.
Who can use the ATO myDeductions App?
myDeductions is for employees who are claiming work-related expenses:
- The app provides a convenient, organised and easy way of recording and storing receipts
- Work-related car, travel, uniform, self-education and home office expenses are some of the fees that can be recorded and categorised easily
- You can even keep a logbook using the App, saving you from having to fill out a paper one.
The myDeductions App is easy to use.
You just add the amount of the expense, along with the date the expense is incurred and provide a description.
If time is of essence, the App lets you take a quick snapshot of the receipt and enables you to add the details later.
Taking a photo which is a clear and accurate copy of the original receipt means that you no longer need to keep your paper receipt (so long as you retain the photo).
What happens at tax time?
At the end of the financial year, you can simply email us the file from your phone which has details of the expenses you have incurred throughout the year.
Note, the myDeductions tool is not intended for small business owners including sole traders.
For more information watch the quick demonstration below or Click here to go to the ATO website.
Be sure to back-up your data
A word of warning – the data is stored on your phone, thus if you lose or break your phone, you lose your data.
It is therefore important to do regular backups of the data and photos.
There is a backup function in the App or you can use the phone’s normal backup feature.
How do I download the App?
You can download the ATO myDeductions App from your devices App store.
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