ATO app promises to take the hassle out of tax time

Whether you run a business or are an employee, it’s a rare person who looks forward to tax time with glee.

You may keep your receipts in a box under the bed, or perhaps you take a more structured approach to your filing. Regardless, anything that promises to streamline the process and make record-keeping easier is a promise worth considering.

The new Australian Taxation Office app makes just that claim.

It sets out to amalgamate tax and super affairs for individuals, small businesses and self-managed super fund trustees, consolidating input tools and information they need into one place.

From the free ATO app, you can lodge your tax return, and keep track of its progress.

One feature is the use of `a voiceprint’ password – a voice recognition technology that can verify you and give you instant access to your data, and ATO staff. While the ATO states they have a range of systems and controls in place to ensure your data is secure and safe it is always advised to take your own precautions.

The myDeductions section of the app makes it easy for individuals (although not businesses or sole traders) to record car trips, gifts, work-related expenses, interest and dividends for pre-filing into your next tax return.

The app gives the choice of using GPS, point-to-point or odometer to record work-related car trips. And you can photograph receipts on your phone and the ATO app will store them in a much neater format than that dusty box under the bed.

Users can record their deductions throughout the year, and at tax time send them to the ATO which will pre-fill the user’s tax return with the data. This applies even if you lodge your return via an accountant.

Employers will appreciate a feature which allows them to calculate how much tax to withhold from from staff wages.

The app even allows small business owners to measure themselves against other similar small businesses in their industry around Australia using the Business Performance Check tool.

Many users have welcomed the convenience of the app, with one reviewer on the Windows site calling it a “really well designed app” and an Android user reporting it took him just 10 minutes to lodge his tax return via the app, and just a week to receive his refund.

This publication was issued by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988), as Trustee of the First Super superannuation fund (ABN 56 286 625 181). It does not consider your personal circumstances and may not be relied on as financial advice. Content was accurate at the date of issue, but may subsequently change.