Apr 25, 2017  | Tags: Calder Wealth Management, ATO, myDeductions, tax deductions, income tax, income tax lodgement, App, Australian Tax Office

Did you know that the ATO has developed an app that now makes it easier than ever to keep your tax deductions and income records in one place?

That’s right, it's called myDeductions and using it is a breeze. This app is helpful to individuals claiming general or employee work-related expenses, but it can also be used by sole traders to track business income and expenses.

It's a fast and easy way to keep on top of your financial records using your mobile device, without a doubt it will help you claim more deductions and it will certainly keep your financial advisor and accountant happy! 

Using this app is simple: download it to your device and choose your preference for use as an individual or sole trader, or both. Over the course of the next financial year you can add: 

• Deductions
• Expenses
• Income (if you are a sole trader)
• Vehicle trips
• Photos of invoices and receipts

It doesn't matter whether you lodge your own tax return or use an agent. myDeductions will just help you maintain your records and come tax time, you can either upload the data to your tax form or send it off to your agent.

So be sure to make the most of this free and easy tool - download the app now to get started! Click here to find out more about the myDeductions app.

What Next?

Have any other questions about your finances?

Contact the Calder Wealth Management team today. You can reach us by calling on (08) 8373 3333.