Small Business Tools: ATO App ‘myDeductions’ Tool – Managing your Personal Tax Deduction Claims
Need help keeping track of your personal tax deduction documents? Tired of storing countless receipts and trying to calculate travel expenses at year end?
With the launch of the myDeductions tool in the ATO App, it is now easier than ever to keep up to date with recording your individual tax deduction claims throughout the year.
The myDeductions tool allows individual employees to record personal expenses relating to work (self-education, travel, uniform, etc.) as well as any donations made and expenses incurred in managing your tax affairs, all in one easily assessable location on your phone or tablet.
How do I record my deduction expenses?
All you have to do is fill out the amount, date and description of the expense into the myDeductions tool. You will also need to put each expense into their suitable deduction categories. It is also a good idea to keep a photographic or scanned copy of any physical receipts.
Once you have electronically recorded your receipts or documents on myDeductions, provided they are clear images of the original and show all the required information, then you are not required to keep the original documents. However, it is important to ensure you have adequately backed up the digital copies on your device.
How do I record my work related car trips?
MyDeductions allows you to track your travels directly onto your phone using either GPS, estimations of trip distances or by entering your odometer readings into a logbook. This information is stored directly onto your device and saves you from the confusing calculations, especially if your work travel is not consistent and varies throughout the year.
In addition to work related travel, you are able to record and claim the costs of travel you incur when managing your tax affairs; this includes traveling to meetings with your tax advisor.
Come July 2016, you will be able to forward us the information recorded in your myDeductions account, so that we can efficiently lodge your individual tax return with the ATO. For more information on what you are able to claim as tax deductions, contact Dolman Bateman at 02 9411 5422.