Sole traders - keep your records digitally

With the beginning of a new financial year, now is the time to start using the ATO app for a quick and easy way to keep records and stay organised.

If you're a sole trader and don't earn personal services income or have any income from primary production, you can use the ATO app's myDeductions tool to simplify your record keeping.

Handy features of the myDeductions tool include:

• helping you manage your tax 'on the go'

• tracking your income, expenses and vehicle trips

• allowing you to send records directly to your tax agent

• pre-filling your data into myTax.

Get organised and say goodbye to paper receipts by keeping a digital copy in the ATO app, just remember to back up regularly!

The ATO app can also help you with quick and easy access to:

• ATO Online services: lodge and track your income tax return with myTax

• ABN lookup: check if a business has an active ABN and if they're registered for GST

• Key dates: set important tax and super reminders and alerts

• Business performance check tool: check the financial health of your business and compare yourself against others in your industry.

Make tax time easier with the ATO app!

Source : ATO Small business June 2018 

Reproduced with the permission of the Australian Tax Office. This article was originally published on https://www.ato.gov.au/Newsroom/smallbusiness/General/Sole-traders---keep-your-records-digitally/

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