myDeductions record keeping tool

Records you keep don’t have to be in paper form. myDeductions is a record-keeping tool that makes it easier for you to keep track of your records digitally.

The ATO recognise records you store electronically as documents, this includes photos of your receipts.

Sole traders with simple affairs can also use it to help keep track of their business income and expenses.

If you use a registered tax agent, you can email your records directly to them.

The myDeductions tool allows you to keep your records digitally in one place during the income year for:

  • all work-related expenses (including car trips)
  • interest and dividend deductions
  • gifts or donations
  • costs of managing tax affairs
  • sole trader expenses and business income
  • other deductions.

Watch: A quick demonstration of myDeductions

Click here

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