A refreshed version of the ATO free app, myDeductions, has been launched. It is an online tool designed to help taxpayers keep track of their deductions by allowing them to capture expenses on the go.

The myDeductions app could be used to keep records of:

• work-related car expenses
• work-related travel expenses
• work-related clothing, laundry and dry-cleaning expenses
• work-related self-education expenses
• other work-related expenses
• gifts and donations, and
• cost of managing tax affairs.

“If you start using myDeductions, come next tax time you will have the option of uploading your completed deductions data to the ATO. We will then use this information to pre-fill your 2015-16 myTax return. If you lodge using an agent, the same information will be available to them to complete your tax return also”, according to Assistant Commissioner, Mr Graham Whyte. The latest version of the ATO app has a range of tools for business, including the new business performance check tool, which gives small business owners a quick snapshot of their financial health and lets them compare their performance to others in their industry.

The app is available in Apple, Android and Windows stores. More information on myDeductions, including how-to videos, is available at ato.gov.au/mydeductions.

To download the app click here.

Source: ATO media release, 4 August 2015.

This article is provided as general information only and does not consider your specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of your specific circumstances.