Helpful App to track your Deductions

The ATO now has an app which will be very helpful in tracking the deductions that you are able to claim against your tax. It is available from both the Apple and Android stores. The app is packed with lots of features as you will see below:

For Individuals

  • There is a tool called myDeductions to help track and record your car and travel expenses – for both individual and sole trader entities;
  • myDeductions can also help you track and record general expenses including work-related deductions, clothing expenses, self-education expenses and gifts and donations;
  • The records and information stored in myDeductions can be uploaded online to your myGov account or you can email a copy of the information to us as your tax agent;
  • There is a payment arrangement estimator and calculator;
  • There is a calculator to help you work out the amount of tax to withhold for salary and wages payments.

For businesses (i.e. sole traders) there is lots of information and tools available:

  • You can do an ABN lookup using the App;
  • There is a Business performance check tool that can compare the data entered with the businesses in the selected industry (using the Small Business benchmarking data);
  • Same myDeductions tool and PAYG withholding calculator as per above;
  • Fuel tax credit calculator;
  • Super guarantee (SG) contribution calculator  to help you calculate the correct SG contribution payable for up to 11 employees at a time and group the SG payable for each super fund;
  • SG eligibility assessment tool for individual employees (not contractors or sportspeople);
  • Loads of SMSF information and checklists – such as contributions caps and contribution due dates and SMSF compliance checklist.

The ATO app is for free so feel free to go to the store and download the app and test it yourself today.