Salary and wage earner tax tips
ATO’s myDeductions makes it easier and more convenient to keep your tax deductions and income records all in one place.
Individuals claiming general or employee work-related expenses can use the tool. Sole traders with simple affairs can also use it to help keep track of their business income and expenses. (The ATO defines ‘simple tax affairs’ as you don’t have a primary production business or personal services income and associated expenses.)
Benefits of using myDeductions
- it’s a fast, easy way to capture information on the go
- it keeps your deductions organised – no more faded receipts and lost information
- it makes tax time quicker by uploading your deductions to your tax return
- it’s an easy way to give your tax agent your records
How to use myDeductions
- Simply download the ATO app to your smart device and choose whether you’d like to use the tool as an individual, sole trader or both from https://www.ato.gov.au/General/Online-services/ATO-app/.
- Select myDeductions
- Complete the Setup Wizard. Then you can add:
- vehicle trips
- income (if you’re a sole trader)
- photos of your invoices and receipts
At tax time all you need to do is upload your data and email it directly to OBT Financial Group making tax preparation quick and simple.
Also make sure you record your information on a single device throughout the year because you can only upload once per financial year. Back up your data regularly in case your device is broken, lost or stolen.
Watch the ATO’s how-to videos for a demonstration of how to add an expense and much more, or call the friendly team at OBT Financial Group in Gatton on 5462 2277.