ATO myDeductions: Who Qualifies and What You Get
Learn how to use the ATO myDeductions tool to digitally track your work-related expenses and income for easier tax time.
ATO myDeductions is a digital tool designed to help you record your work-related expenses and income throughout the year.
Who it's for
This tool is available for individual taxpayers and sole traders.
What you get
You get a digital way to keep track of your work-related expenses and income. This makes it easier to manage your records as you go, rather than trying to find everything at the end of the financial year.
What it costs you
Using the app is free. However, it does require your time to manually log your receipts and expenses as they occur.
The catch to know
Even though you are using a digital tool to track your spending, you are still required to keep physical or digital copies of your receipts for five years.
How to apply
- Download the official app on your mobile device.
- Log in using your secure credentials.
- Use the app to snap photos of receipts or manually enter expense details.
- Review your logged records before submitting your tax return.
Visit the official portal for more information: https://www.ato.gov.au