With the ATO’s recent warnings that they will be reviewing work-related deductions this financial year it is important you have sufficient records of your work-related deductions.
For a simplified way of tracking your work-related deductions throughout the year, then look no further than the ATO’s myDeductions App.
This handy app is available on your phone.
Who can use the App?
myDeductions is for employees who are claiming work-related expenses. It provides a convenient and easy way of storing all your receipts.
The best feature of the app is the ability to take a photograph of all your receipts, from parking tickets to donations. This ensures you never forget a single deduction again and does away with the requirement of keeping those annoying paper copies! Once you take a snap of your receipt, you just enter the details of the deduction including the amount, date and description.
Another great feature of the app is its ability to keep a logbook. There is a GPS tracking system that takes the hassle out of recording all your work-related travel kilometres, in a few easy clicks your trip distance will be recorded and added to your Trip Summary Record.
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.
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 all your data. It is therefore important to do regular backups of the data and photos. There is a backup function within the App.
How do I download the App?
You can download the ATO myDeductions App from your devices App store.