Happy new financial year. Apologies for the delayed well wishes—I’ve been nursing a monster deductions hangover.
As a freelancer more of the creative ilk, numbers and bookkeeping aren’t really my forte. As a result, tax time can become a bit of headache.
Jumping into my 90s-inspired excel spreadsheet every time I do a job or make a purchase isn’t really second nature. What the heck is VLOOKUP anyway? And does it really require all caps?
It all makes for frantic fossicking through computer folders and manila folders the night before my appointment with my accountant. Oh the adrenaline.
Yeah, I know there’s accounting software and fancy programs, but I’ve never found anything with just the very basics that I need.
Enter the Australian Taxation Office app. My hero for the 2016-17 financial year. It includes a bunch of tax and super information and tools. Sole traders can also use it to record income.
But my fave bit is the ability to record and track business expenses and travel using myDeductions. This nifty feature allows you to:
- capture information on the go—whack the details into the app straight after your purchase, while you’re still excited (even a little smug) about purchasing the second most expensive mic cable on the market
- keep deductions organised—take a photo of receipts while the ink is still fresh and you can actually read what’s printed on it
- upload your deductions directly to your tax return. Less filling in forms = happy me
- export info for your tax agent. Meaning they don’t have to have to sift through musty receipts encrusted with various foodstuffs and wallet gunk from the last 12 months. Happy tax agent
You can also search for ABNs, work out fuel tax, super and tax withholding and whack in some key dates in respect to taxy-type things.
You can find out more and download it here.
Keen to know how you keep track of your small biz finances—please whack your thoughts below…