Meeting ATO guidelines for record keeping is easier for you and your Accountant with the new app MyDeductions

You need to keep records for five years (in most cases) from the date you lodge your tax return. Records may include income statements, payment summaries and receipts.

To make this easier, the ATO have developed an easy to use App called MyDeductions that allows you to keep your records digitally in one place during the income year. It will help you keep track of 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 and other deductions.