The ATO is helping Australians to better monitor their tax deductions with the introduction of a new online tool called myDeductions. The tool will allow users to capture work related expenses on the go.
Recognising that tracking down one years’ worth of receipts is often be the most time-consuming aspect of lodging a tax return, Assistant Commissioner Graham Whyte said users will simply add details to the tool for upload to the ATO at the end of the tax year.
“If you start using myDeductions, come next tax time you will have the option of uploading your completed deductions data to the ATO. We will then use this information to pre-fill your 2015-16 myTax return. If you lodge using an agent, the same information will be available to them to complete your tax return also,” Mr Whyte said.
“There’s no right or wrong time to record your deductions, whether it’s on the go, at the end of each week or month. It’s whatever works best for you. MyDeductions just helps ensure you will never lose a receipt and miss out on a claim.”
While acknowledging that myDeductions has been designed for individuals, Mr Whyte said the ATO App still carried many benefits for sole traders and small business.
“The latest version of the ATO app has a range of tools for business, including the new Business performance check tool, which gives small business owners a quick snapshot of their financial health and lets them compare their performance to others in their industry,” Mr Whyte said.