Last year the ATO released a free tool for their app ‘MyDeductions’ in order to help taxpayers keep track of deductions and expenses, on-the-go. The app is simple and easy to use; all you have to do is add the date of purchase, amount and a description. You can also categorise your receipts into deduction labels whenever you like. Come tax time you will be given the option to upload your completed deductions data to the ATO and will be imported into your tax return pre-fill. The MyDeductions app allows you to keep a record of all work-related:
- Car expenses; point-to-point, odometer method or electronic log book
- Travel expenses; public transport, flights, taxi and Uber fares, tolls, parking fees, meals, accommodation and incidental expenses incurred while travelling for work
- Clothing, laundry and dry-cleaning expenses; compulsory uniform, protective clothing, occupation-specific clothing, and laundry expenses for these clothes
- Self-education expenses; costs of attending seminars, conferences, educational workshops, and job-specific course fees
- Other expenses; home office expenses, mobile, internet
You can also use MyDeductions to record non work-related expenses such as;
- Gift and donations
- Costs associated with managing your tax affairs
Download the ATO app from the app store to start using MyDeductions.