The Tax Office has released a new tool to help you record your tax deductible expenses. The myDeductions app is available in iTunes, Google Play and Windows Store for free.
Car trips can be recorded using three different methods – GPS, point to point and Odometer.
If you do your own tax return you will be able to upload your information in myDeductions to the ATO eTax system which will pre-fill your tax return.
If you use a tax agent you will be able to email your myDeductions records to your agent to use to complete your tax return.
We think this is a great initiative as it means the need to keep receipts and the danger of them getting lost along with your deductions is reduced. The days of lost or faded receipts may soon be over!
Please see the following links for more information:
ADF Financial Services Consumer Centre