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Have you tried the ATO myDeductions App?

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At STS Accounting Group we highly recommend the myDeductions app for individuals and sole traders.

It’s easy to use and allows you to keep reliable records throughout the year, fuss-free!

Why not set yourself up for a simple year ahead by downloading the app today.

Download the myDeductions App now

Record keeping with myDeductions

As an individual or employee, you can:

  • use the app to keep records of your
    • work-related expenses (such as vehicle trips you make)
    • general expenses (such as the cost of managing your tax affairs or gifts and donations you make)
  • upload these records at tax time to make lodging your tax return easier.

As a sole trader, you can:

  • use the myDeductions tool to keep records of your
    • business income
    • business expenses
  • upload yourrecords at tax time to make lodging your tax return easier
  • share your data by emailing it to us at STS Accounting Group – admin@surftax.com.au

If you’re a sole trader with a primary production business or personal services income you:

  • can record your business income and expenses
  • can share your records on myDeductions by emailing it to your registered tax agent but you
  • shouldn’tupload your records to prefill your tax return.

Using myDeductions at tax time

Whether you lodge your own tax return or use a tax agent, myDeductions can help you organise and keep your tax records.

When you are ready to prepare your tax return you can simply email us at STS Accounting Group – admin@surftax.com.au  and will have all your records ready to prepare your Tax Return.
If you download the ATO app and use the myDeductions tool:

  • Make sure you record your information on a single device throughout the year because you can only upload once per financial year.
  • Multiple people can’t use one device.
  • Don’t forget to back up your data regularly in case your device is broken, lost or stolen.

Remember, sole traders with a primary production business or personal services income shouldn’t upload record data to pre-fill your tax return.

Get in touch with our expert team of accountants to discuss the myDeductions App or planning for your Tax Return today.