Keeping records for your tax return is easier for employees and sole traders
-with the ATO app’s myDeductions tool.
Download the ATO app
- download the ATO app to your smart device
- select the myDeductions icon
- step through and choose whether you'd like to use the tool as an individual (generally or as an employee), as a sole trader (business) or both.
You can record:
- expenses and deductions
- vehicle trips
- income (if you're a sole trader)
- photos of your invoices and receipts.
You can skip the hassle of lost and faded receipts, by recording transactions in the app as you go.
If you’re an employee, you can easily record work-related expenses for your car, travel, uniform, self-education, interest and dividends.
You can also record your receipts for gifts or donations, the cost of managing your tax affairs and other deductions.
If you’re a sole trader you can record your business income, repair and maintenance costs, motor vehicle and other expenses.
To record expenses or income, just add the amount, the date of the transaction and an accurate description.
If you’re in a hurry, snap a photo of your receipt or invoice and add the details later.
Backup your data regularly!
The data is stored on your device, so remember to back up as you go.
It's best to back up to a separate location, for example via email, or a cloud service, (ie) google drive, dropbox, one drive, etc, in case your device is lost or broken.
Upload or email the EOY deductions to us ready to complete 2021 Tax Return
At tax time you can upload the data to prefill your tax return so either you or Umbrella Accountants (your tax agent) can lodge. Or you can email the detailed data to Umbrella Accountants (your tax agent) so we can review and lodge.
Never miss a deduction again – download the free ATO app and start using myDeductions today!
The tool can be now be used by both individuals and sole traders. For more information visit, https://ato.gov.au/mydeductions
Motor Vehicle Travel Claims
Add your trips
This video shows how quickly you can manage your work-related car expenses with myDeductions.
You can watch
On this page:
- Adding, editing and deleting a vehicle
- Trip recording options
- Start logbook
- Common issues with adding trips
Adding, editing and deleting a vehicle
Before you can add a trip, you have to add a vehicle.
If no trips or expenses have been added against a vehicle, you can edit or delete that vehicle record under Settings, Vehicle settings. However, once a trip or expense has been recorded against a vehicle, that vehicle will always be shown in myDeductions (even in later years or if you delete trip records) and only certain fields can be edited.
Trip recording options
myDeductions provides three tracking options for you to record your car trips:
- Add point to point trip works out the shortest route between the start and end addresses you have entered. The tool works out the distance in kilometres and adds it to your record.
- Add GPS trip tracks your route to work out the distance you travel
- If you lose GPS signal during the trip, myDeductions will estimate the route and distance.
- GPS uses more battery power and data than the other options, so consider the length of your trip.
- Add odometer trip is the most accurate option. Use this option if you are using the logbook method to calculate your work-related car expenses.
Need further help? please contact our office.