myDeductions: Free Tool Within ATO App

Utilize myDeductions, the complimentary record-keeping feature within the ATO app, which simplifies the task of storing records in a centralized location.

ATO myDeductions app Source: myDeductions - ATO

myDeductions Access

The myDeductions tool can be easily reached by downloading the ATO app today on your smart phone via Google Pay or Appstore . This method provides a more convenient and efficient way of organizing records, such as storing images of receipts and invoices, all in one location.

Efficient Record Keeping Using myDeductions

As an employee, you have the ability to document your expenditures and business-related travels, including any car-related costs.

If you are a sole trader, you have the ability to document your costs, business-related journeys (such as car expenses), and earnings.

As a person or worker, you have the ability to:

1.Utilize the myDeductions feature to maintain records of the following:

• Expenses related to work (e.g. work from home expenses)

• Work-related travels (e.g. car expenses recorded in a logbook)

• General expenses (e.g. managing tax affairs or donations).
  

2. Submit these records during tax season for a smoother process of filing your tax return:

The myDeductions tool can be utilized to maintain a record of your business earnings and expenses. When it's time to file your taxes, you can easily upload these records to simplify the process. Additionally, you can share your data with your registered tax agent by sending them an email.

3. In the case that you are a self-employed individual operating a business in the field of primary production or have earnings from personal services, you:

• You have the ability to keep track of your business earnings and costs.