How to Claim Tax Depreciation in MyGov: A Quick Guide in 3 Minutes

in this video, I’ll show you how to use the Depreciation and capital allowance tool to help you complete your myTax return for individuals, sole traders, small businesses and contractors in Australia alike. It’s the same handy tool available for free when lodging your Australian tax return on myTax using your myGov account. You can enter purchase details throughout the year and use the information at Tax Time to prepare your income tax return in Australia so you can keep track of your records and calculate your tax deduction easier and more accurately.
Common questions I get ask are "What's myGov" and "How to connect ATO to myGov?" and "how do i link ATO to myGov ?"
LINKS
💰 Use SHARESIGHT to track your shares - www.sharesight...
(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
💰 The Excel Template that I use to track my taxes can also be purchased at my online store here: www.etsy.com/a...
💰 Capital Gains Tax (CGT) on Shares and ETFs for Beginners | Australia 2022 Tax Return • Capital Gains Tax (CGT...
💰 PAYG Withholding Variation for beginners • PAYG Withholding Varia...
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✔️ Link a MyGov Account to the ATO in 2 minutes! • Link a MyGov Account t...
✔️ Tax File Number (TFN) Declaration Form | Explained | AUSTRALIA only • Tax File Number (TFN) ...
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ATO LINKS
🔗 my.gov.au/
🔗 MyGov help login.my.gov.a...
🔗 Work from Home Expenses instructions and COVID-19: www.ato.gov.au...
🔗 Carry forward unused concessional contributions www.ato.gov.au...
🔗 Claiming deductions for personal super contributions www.ato.gov.au...
DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.
myGov gives you access to many government online services in one place, including the ATO. You can Link your myGov account to the ATO and you can manage your business and tax online.
How to link ATO with myGov
Sign in to your myGov account then Select the Services tab on the myGov home page.
Under the heading Link a service select Australian Taxation Office and choose Questions specific to you and answer two questions about information relevant to your tax record.
myGov how to link ATO
These steps will demonstrate how to link myGov to ATO step by step
1. Go to my.gov.au and sign into your account
2. Now, navigate to the Services page.
3. On the list of member services, find ‘Australian Taxation Office’ and select to start the linking process.
4. You will need to agree to myGov storing your legal name and date of birth.
5. You will now need to provide additional information to identify your ATO record. You need to confirm your identity by answering a series of questions specific to you.
6. This will include providing your tax file number, given name, surname and date of birth.
7. Enter information carefully and accurately so that it will match your details held by the ATO.
8. Read and agree to the terms and conditions and select ‘Next.’
9. You will also need to answer two questions - specific to you
10. You have successfully linked your myGov account to your ATO record.
Here's how to link ATO to myGov and how to connect myGov to ATO
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[@wenwenzhou4354]

Hi Teacher, from your video the heater effective life is 7yrs, why the depreciation table list from 2021-2040? can we claim more depreciation instead of 20yrs?

[@MoneywithDan]

Hi there. Yes heaters have 7 year life and not 20. Not sure where you are getting 20years. If you use the ATO tool you can search for the correct effective life of the asset you are looking for.

[@arizonarfs]

What if you already have a depreciation schedule, more so for an investment property. Is there a way to add this?

[@MoneywithDan]

Sorry it appears you have to enter it in manually

[@eyin9451]

Hi Dan, I am running a small eBay business as a sole trader turnover of less than 70k, I bought a new SUV, and I would like to do Temporary full expensing, I am not sure where can I process full value depreciation. According to your video, I can do this under the low-value pool or small business pool, but I can see many places to fill under the section of "Business income or losses", I am very confused because I fill most of my selling and expense information (such as sales, COGS, expense) under "Business income or losses", but seems I should do the car depreciation in the low-value pool or small business pool, can you please tell me what I can do. Really appreciate

[@MoneywithDan]

Hi mate. That’s a big question and I recommend that you speak to a tax agent given the dollar value in question. I would hate for you to enter it incorrectly. Cheers

[@sunit0167]

How to do owner occupied in myGov tax

[@MoneywithDan]

Sorry not sure what you mean