With the new tax year underway, many Australians are eager to lodge their tax return as soon as possible. Whether you’re looking to tick it off your to-do list or secure a tax refund to ease cost-of-living pressures, lodging too early can lead to avoidable mistakes.
This tax time, the Australian Taxation Office (ATO) is reminding taxpayers to slow down, wait for all information to become available, and get their tax return right the first time.
Why Waiting Can Save You Time and Trouble
While you can start preparing your tax return from 1 July, much of the information the ATO uses to pre-fill returns isn’t available straight away.
The ATO receives data from employers, banks, government agencies, health funds, and investment providers. Although some information begins appearing from the start of July, most organisations finalise and submit their reporting later in the month.
If you wait until late July to lodge your tax return, most key information is usually available, including:
- Employment income and salary details
- Bank interest earned
- Government payments and benefits
- Private health insurance information
Pre-filled information helps reduce errors and makes the lodgment process much smoother. However, you should always check the details against your own records and add any deductions or tax offsets you are entitled to claim.
What You Can Do While You Wait
Instead of rushing to lodge, use the time to get organised and prepare for a more accurate return.
Update Your Personal Details
Make sure your contact information and bank account details are current. Accurate details help prevent delays if the ATO needs to contact you or issue a refund.
Gather Your Records
Collect receipts, invoices, logbooks and any private health insurance statements you may need. Having these documents ready makes it easier to verify pre-filled information and substantiate your claims.
Review Eligible Tax Deductions
Check the ATO’s occupation-specific guides to understand which deductions apply to your profession. This step can help you identify legitimate claims and avoid common errors.
Use the ATO App
The ATO app allows you to track employment income, store expense records throughout the year, and receive important notifications about your tax affairs.
Don’t Rely on Pre-Fill Data Alone
Although pre-filled information is a valuable tool, you should never assume it is complete or error-free.
Before lodging your tax return, compare the pre-filled figures with your own records. Pay close attention to areas such as:
- Bank interest
- Dividends
- Government payments
- Investment income
If you notice missing or incorrect information, contact the relevant provider as soon as possible so they can update their records and report the correct details to the ATO.
Made a Mistake After Lodging?
If you discover an error after submitting your tax return, don’t panic.
You can amend your return online through myGov once the original return has been processed. Alternatively, if you use a registered tax agent, they can help you correct any mistakes and ensure your tax affairs remain accurate.
The Bottom Line
When it comes to lodging your tax return, patience pays. Waiting for the ATO’s pre-fill information to be finalised can help you avoid mistakes, reduce the risk of amendments, and improve the accuracy of your return.
Before you lodge, take the time to verify your information, gather your records, and make sure you’re claiming everything you’re entitled to. A little extra preparation now can save you time and stress later.
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Important: Clients should not act solely on the basis of the material contained here. Items herein are general comments only and do not constitute or convey advice per se. Also, changes in legislation may occur quickly. We, therefore, recommend that our formal advice be sought before acting in any of the areas.
