One of the biggest problems for our clients in submitting their annual tax records is record keeping around their deductions. Many do not keep proper records during the year and therefore spend too much time at year end putting it all together.
The ATO has created a new ‘app’ called myDeductions to assist with the collection of all your personal income tax deductions. The app will record information relating to your work related car, travel, uniform, donations and self-education deductions as well general work related expenses like union fees and the like. The app allows you to store photos to supply to your accountant when its time to prepare your tax return.
myDeductions works with Apple, Android and Windows operating systems.
See the following from the ATO for more reading:
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.