It is never fun to manage your tax. Organizing your financial information is not only time-consuming but gut-wrenching as well. But the benefit of managing tax helps in maximizing your tax in the long run. There is a new app in the room which helps you organize your tax and save time on the go – it is called the ATO app. With the new ATO (Australian Taxation Office) app, you can organize your tax better. Also, get your superannuation affairs in order with this ATO app. There are several other useful features that come with the ATO app, you can lodge your tax return and organize your deductions making your tax more convenient and simpler.
There are several ways to harness the power of this app; here are some nuggets about how to maximize this app.

Who can benefit from the ATO app?

Made in Australia by Australians and for Australians, the ATO app has a number of features and tools for the management of superannuation and tax of Australians with ease. The mode of design makes it suitable for:

  • Small business owners
  • Individual taxpayers
  • SMSF (self-managed super fund) trustees

The ATO app’s interface makes it compatible with several devices

The official ATO app is available for Windows Phone, Android, and iOS.

  • Windows – There are several interfaces on Windows’ interface such as Windows Phone 8, Windows Phone 8.1, and Windows 10 Mobile.
  • Android – Requires Android 4.1 and other upgrades after that.
  • iOS – Requires the latest upgrade in iOS such as iOS 7.0 and higher. It is also highly compatible with iPod Touch, iPad, and iPhone.

How to download and use the ATO app

There are a few simple steps that you will follow when you want to use the ATO app. Be it on your smartphone or Windows phone, the steps are easy and straight-to-the-point.

  • Download the app from Microsoft Store, Google Play, and Apple App Store.
  • Launch the app on your smartphone.
  • Tap ‘Allow’ or ‘OK’ if the app sends a prompt with a request to use location services or send notifications.
  • If you want to use ATO online services, log in with your myGov account. On the other hand, use one of the calculators or the tools that have no need to log in to myGov.

What the ATO app features can do for you

If you want to stay on top of your superannuation and tax fees, the ATO app has a convenient, easy, and quick design for its users. So, you can manage your finances at any time and wherever you are with the wide range of tax management tools in a single pile. Therefore, the ATO app features can help achieve these and more:

  • Making plans ahead – The app is designed in such a way that the users can make a note of key deadlines and dates for superannuation and tax tasks. Simply put, the user is able to set up important reminders on their devices.
  • Lodging a return – Using the myTax system, you can log in to your myGov account to make lodging for tax return for the previous fiscal year. Also, you will be able to track the progress of a return that the user has logged into the account already.
  • Calculation of withholding tax – A small business owner can use the app to work out calculations that the user needs to withhold from wage payments and salary.
  • Enrolment of voiceprint – As soon as the voiceprint is entered using the ATO, you will enjoy secure and fast access into the online services of the ATO. Whenever you use the app or phone the ATO, your voice can also be used to verify your identity.
  • Taking photos – You can capture receipts to be a form of supporting documentation of expenses from work.
  • Comparing business performance – With the Business Performance Check tool in the app, the user can compare business with more, similar, or smaller businesses in the same industry. This way, the user can assess the financial position of the business.
  • Recording deductions – with the myDeduction tool in the ATO app, you can record deductible expenses, gifts, work-related expenses, car trips, and donations. With this information, the user can pre-fill upcoming tax returns in the app. There are several singular characteristics of myDeduction feature of the app as well.
  • Manage an SMSF – SMSF trustees can access a wide range of useful information on the ATO app via SMSF Assist, checklists, and videos.
  • Calculation of other tax and super matters – There are several other tools that ATO app features which includes calculators for fuel tax credits, tax rates, and so much more.

myDeductions tool

myDeduction tool is a special package on the ATO app. This feature is designed to make it super convenient for the user to collate expenses from tax-deductible on the move in the whole year. Also, the user can keep the information together in a single folder.

The myDeduction feature is not suitable for small business owners and sole traders because it is especially for individuals claiming work-related expenses as an employee. More so, the tool is suitable for:

  • Recording car trips
  • Recording and categorizing work-related expenses, donations, and gifts.
  • Taking and storing pictures of receipts
  • Recording the cost of managing tax return, earning dividends or earning interest.

Irrespective of whether you prepare your tax return through a tax agent or you do it yourself, the myDeduction tool is suitable for making management of tax much easier. As soon as the user records the deductions throughout the year, the user can upload the deductions to the ATO for the automatic pre-filling of income tax return. By inference, the user does not need to keep track of all receipts throughout the year. On the other hand, the user does not need to miss out on a deduction because they have lost a receipt or must have faded after a long time.

However, ensure to record information on a particular device throughout the year. This is because you are only able to upload deductions once every financial year. Most importantly, back up data on the go for broken, stolen, or lost devices.