The ATO app could come in handy at tax time.
According to the ATO’s website, the ATO app, which was released in 2013 and caters to both business owners and individuals, offers many features, for business owners, the app offers:
- Information on how quickly they can pay off a tax debt with a payment plan.
- Information on how to determine if employees are eligible for super guarantee and how to calculate super contributions.
- Information on how to determine whether a worker is an employee or contractor for tax and super purposes.
- Information on how to calculate fuel tax credit entitlements to claim on business activity statements.
- Information on how to calculate the amount of tax to withhold from salary and wage payments
- Information on how to request an after-hours call back from the ATO.
- Access to the Business Performance Check Tool, which enables business owners to compare their own business with others within their industry.
The app also provides many features for individuals, which include:
- Access to MyTax, to lodge income tax returns
- The ability to search for lost super
- The ability to work out key dates and set reminders and alerts
The app also has a handy new tool, MyDeductions, which was launched last year. The tool allows individuals to report their work-related expenses, gifts and donations, as well as store photographs of receipts and record car trips. Car trips can be recorded by GPS, point to point or odometer. Completed deductions will be uploaded and pre-filled in individual tax returns.
The MyDeductions tool is only available for individuals working as employees, not business owners or sole traders, and provides the benefit of digital records, removing the possibility of lost deductions due to faded or lost receipts. Video demonstrations on how to use MyDeductions can be found here.
The ATO app can be downloaded for free from Google Play, the iTunes Store of the Windows Phone Store.
Image via Pixabay.