Tax News - new ATO app live this week!
Earlier this week the revised ATO app became available in the Google Play Store and Apple App Store.
It’s a handy tool for keeping records all in one place and it can help you save time and resources in preparing for tax time.
As you know …
keeping necessary records is important for all taxpayers; and
the Tax Office recommends that you keep these records for five years after you lodge your tax return.
What you can use the App for?
The app makes keeping tax deductions and income records in one place easier and more convenient.
If you’re an individual taxpayer, small business owner or self-managed super fund trustee, you can also access relevant tax and super information and tools in one place.
Helpful tools in the App:
There’sa also several helpful tools you can use. We particularly like being able to:
Check available pre-filled information and deciding if you should wait for more information from third parties before proceeding.
Sometimes your online information will not immediately include all of your payment summaries from employers (aka group certificates); or
Other income information such as rental income and expenses or investment earnings.
All of your income details are required to proceed before lodging your return
See the outcome of your 2020-21 tax return;
Download a copy of your Notice of Assessment which will specify a refund due to you or a liability to be paid to the ATO;
View in real-time when lodgments and payments are due, and action them via ATO Online;
Keep track of your super account balances and view superannuation information and actions that are personalised to your circumstances.
We really like myDeductions (and so do lots of people we’ve introduced to the app)
You can use the myDeductions tool in the app to -
Keep records of your work and general expenses; and
Your records can then be uploaded to your tax agent when required or to myTax if you complete your return online yourself.
It’s a no-brainer!!
If you have any questions about tax, tax planning or tax returns for the past financial year, please get in touch (use the CONTACT US NOW button in the righthand column).
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