If you’re a sole trader, the ATO app gives you a quick and easy way to complete your tax time tasks anytime, anywhere. The app includes the following features:
ATO Online services: Log in to lodge your 2016 income tax return with myTax and track the progress of your return.
Voice authentication: Set up your voiceprint for fast, easy and secure access to our online services (no need to find your myGov username and password!).
Payment plan estimator: If you’re expecting a tax bill, work out an affordable payment plan, which you can then set up in ATO Online services.
The ATO app is handy not just at tax time but all year round. Check out these other great tools:
Tax withheld calculator: Work out how much tax to withhold from a worker’s pay.
Fuel tax credit calculator: work out how much you can claim.
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.
Sole traders can also now use myTax to prepare and lodge your tax return online on any device.
To access myTax you will need a myGov account. If you use a tax or BAS agent check with them before creating a myGov account.
MyTax now includes the following: business and professionals items, rental property schedules, distributions from partnerships and trusts, as well as capital gains tax.
MyTax is a quick and easy way to lodge, with information from personal accounts and government agencies pre-filled to save effort and . Most pre-filled information will be available in myTax in mid-August.
The new online tools in myTax will help you with more complex parts of your return and reduce tax time by including the following among its features: personal services income, depreciation and capital allowances.
Once you have access to myTax, you will receive your activity statement, PAYG instalments and notice of assessment via your myGov inbox.
Inside Small Business