The Australian Taxation Office’s (ATO) free myDeductions tool is a useful resource for both individuals and sole traders.
Individuals can save themselves time and effort by keeping their tax deductions organised. Sole traders can use the tool to keep track of income and expenses.
To access the tool you will need to download the app to your smart device and choose whether you will be using it as an individual, sole trader, or both.
The tool will allow you to add:
The ATO website contains instructional videos on using the tool to maintain your tax records.
At tax time you can email the information to us for use in preparing your income tax return, saving you both time and effort.
Remember to ensure that you record your information on a single device throughout the year and to back up your data regularly.