Keeping track of your tax deductible expenses throughout the year can be difficult. It is so easy to misplace a receipt and more often than not, when you go to look at the receipt come tax time, it has faded too much to read.
The Australia Tax Office has released a new free app which is available on both Apple and Android devices that is perfect for individuals, small business owners or people with Self Managed Super Funds. The app is designed to help you keep track of your work-related expenses and trips, as well as store photos of receipts. The app allows you to share deductions data via email which will be useful at tax time, allowing you to quickly and easily share that information with your accountant. Small business owners can use the app to perform a quick assessment of the financial position of their small business. Owners of Self-Managed Super Funds can watch videos, access checklists and visit SMSF assist for other helpful information.
The app also has links to a number of other useful resources and calculators.