Keeping Track of Deductions – Hervey Bay Accountant

The ATO has released a new App feature to help taxpayers save time and keep their tax deductions organised, call “myDeductions” tool for the ATO app.

The tool makes it easier and more convenient for individuals to keep their income tax related deductions all in one place. Users will be able to upload their completed deductions to the ATO from July 2016. A summarised version of this data will be pre-populated through tax agent software for the completion of their return.

Individuals can use the myDeductions tool to:

  • capture and classify work-related expenses, gifts and donations or the cost of managing their tax affairs

  • store photographs of receipts

  • record car trips (including ability to manage a logbook)

To find out more click on the following link;