ATO's new mobile app to help keep track of your income and expenses

myDeductions is designed to help keep a record of work-related expenses throughout the year.

ATO myDeductions app Source: myDeductions - ATO

Do you have problems keeping a track of your work-related expenses?

The Australian Taxation Office (ATO) has launched a new app - myDeductions.

This app is designed to help keep a record of work-related expenses throughout the year.

myDeductions tool in the ATO app can be downloaded on a smartphone (Android and Apple devices).

Small business or sole traders can use it to help keep track of business income and expenses.

This app can easily enter an individual or small business' expenses and store photos of receipts on the go.

You can add:

• deductions/expenses;
• vehicle trips;
• income (if you're a sole trader); and
• photos of your invoices and receipts.

According to ATO, some other benefits of using myDeductions are:

• fast and easy way to capture information;
• claim deductions that people sometimes miss out on; and
• easy way to give records to a tax agent.

So, at tax time a person can just upload his/her completed deductions directly to myTax return.

But, make sure to record all information on a single device throughout the financial year and remember to back up your data regularly.

WATCH VIDEO: A quick demonstration of myDeductions