The services of a tax advisor can be incredibly beneficial in utilising the ATO app for tracking the deductions that can be claimed against your taxes. The app, which is accessible from both Apple and Android stores, offers a plethora of features, as outlined below:
For Individuals
- There is a tool called myDeductions to help track and record your car and travel expenses – for both individual and sole trader entities;
- myDeductions can also help you track and record general expenses, including work-related deductions, clothing expenses, self-education expenses and gifts and donations;
- The records and information stored in myDeductions can be uploaded online to your myGov account, or you can email a copy of the information to us as your tax agent;
- There is a payment arrangement estimator and calculator;
- There is a calculator to help you work out the amount of tax to withhold for salary and wage payments.
For businesses (i.e. sole traders), there is lot of information and tools available:
- You can do an ABN lookup using the App;
- There is a Business performance check tool that can compare the data entered with the businesses in the selected industry (using the Small Business benchmarking data);
- Same myDeductions tool and PAYG withholding calculator as per above;
- Fuel tax credit calculator;
- Super guarantee (SG) contribution calculator to help you calculate the correct SG contribution payable for up to 11 employees at a time and group the SG payable for each super fund;
- SG eligibility assessment tool for individual employees (not contractors or sportspeople);
- Loads of SMSF information and checklists include contributions caps, contribution due dates, and the SMSF compliance checklist.
The ATO app is free, so feel free to go to the store and download the app and test it yourself today.
Kreston Stanley Williamson
*Correct as of March 2017
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
