partners for life
ATO Launches myDeductions Tool to Application
The ATO has recently launched a new feature to its application: the myDeductions tool. The tool aims to provide a more convenient, organised and easier way of recording and storing receipts for employees who are claiming work-related expenses.
Work-related car, travel, uniform, self-education and home office expenses are some of the fees that can be recorded and categorised easily with the use of myDeductions tool.
The tool is very easy to use. You can record by just adding the amount of the expense, along with the date the expense is made and a description of the expense – details of which are up to you. If you are in a hurry, the tool also lets you take a quick snapshot of the receipt and enables you to add the details later when you have more free time. With this function of the myDeductions tool, you can be sure that you won’t lose receipts again and that you can record your expenses in any way that is convenient for you.
The best thing about the myDeductions tool is that you can share your records to your tax agent via email to assist them in preparing your Income Tax Return.
myDeductions tool is not for small enterprise owners, including sole traders.
For more information head to ATO Website to find out more and watch a quick demonstration.
Thinking about becoming a client?
Book your free, no obligation consultation right now via our online booking system or get in touch to find out more
Already a client and want to get in touch?
Send us an email via our enquiry form or give us a call today