If you’re a person who has quite a lot of personal tax deductions but finds it difficult to keep track of them throughout the year, then we’ve got good news for you.
The ATO has released a new App, available for smartphones and tablets from the App Store, Google Play and Windows Store it has a selection of features that we think will be handy for individuals, especially for the new 2016/17 tax year.
The app becomes a contact tool for you and the ATO.
You can access your MyGov account including your inbox; lodge your personal tax return, look up tax rates, ABNs and estimate a payment plan
If you have a myriad of personal tax deductions (e.g. work related, donations, motor vehicles) but struggle to locate receipts at tax time this is a tool for you.
You can capture your deductible expenses throughout the year, take a picture of the receipt and classify them (or leave them to classify later).
At the end of the year you can either use the information you’ve captured to pre-fill your individual tax return on MyGov / Etax or send a file to your accountant.
Motor vehicle expenses are probably one of the most common business expenses and often the hardest to keep track of.
The My Deductions tool solves this problem, allowing you to add trips (either through GPS, Point to Point or odometer reading) and keep a logbook.
Source: Stress Less at Tax Time
written by “Evolve Business Advisory”.