As an employee, claiming your deductions for work expenses can be a pain. Not only do you have to sift through piles of receipts and bank statements, there is also the fact that you have to find the time to do it!
With no time or the willing to keep track of the pile of receipts that await for you, some people tend to lose money when it comes to deductions. Well today you can stop overwhelming yourself or your accountant at the end of each financial year. There is a faster way on claiming and keeping track of those deductions and I'm here to show you how!
Recently the ATO launched an app made for deductions (for IPhone, Windows and Android) called mydeductions, and in my opinion, tax time just got a whole lot easier!
What does it do?
This application allows you to quickly and easily capture and classify work-related expenses, gifts and donations whilst you’re on the run.
It stores photographs of your receipts (hallelujah!)
It enables you to record car trips (goodbye pesky log books!)
It also allows you to upload the stored data directly into ‘My Tax’ the free online tax return for individuals or share them with your tax agent at the end of the FY.
Best of all it’s absolutely free!
The only problem with this app is that the information is stored directly on the device so I highly recommend backing up your device regularly to avoid any lost data (we should be doing that regularly anyway!).
Click here for a link to the ATO’s educational video.
To find it in the app store search for “mydeductions”.
For more information about how a financial planner can help you, speak to us today.
WOMEN with EDGE
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contact Penny here
Important information and disclaimer
This publication has been prepared by Leigh Stafford, Penny Collicoat, Little Miss Stonnington Pty Ltd (trading as Edge FP) Authorised Representative(s) of Apogee Financial Planning Limited ABN 28 056 426 932, an Australian Financial Services Licensee (“Licensee”), Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia Bank Limited group of companies (“NAB Group”). Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information. Information in this publication is accurate as at the date of writing (July 2015). In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor any member of the NAB Group, nor their employees or directors give any warranty of accuracy, not accept any responsibility for errors or omissions in this document. Case studies in this publication are for illustration purposes only. The investment returns shown in any case studies in this publication are hypothetical examples only and do not reflect the historical or future returns of any specific financial products. Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent. If any financial products are referred to in this publication, you should consider the relevant Product Disclosure Statement or other disclosure material before making an investment decision in relation to that financial product. Past performance is not a reliable guide to future returns as future returns may differ from and be more or less volatile than past returns.