Get it right this tax time: don’t lodge your return too early

Lodging your tax return as soon as the financial year ends may seem like a smart move—especially if you expect a refund or want to clear your to‑do list. However, the ATO warns that lodging too early increases the risk of mistakes, and recommends waiting until later in July before submitting your return.

Early Lodgers Are More Likely to Make Mistakes

ATO data shows that people who lodge in early July are twice as likely to make errors in their tax returns. In 2024 alone, more than 140,000 taxpayers who lodged within the first two weeks of July had to amend their returns or had the ATO intervene to correct inaccuracies. Common issues included income that was not correctly reported.

Why Waiting Until Late July Helps

Lodging your tax return toward the end of July allows more time for information from employers, banks, health funds, and government agencies to be automatically pre‑filled. This applies whether you lodge your own return through myTax or use a registered tax agent.

While some pre‑filled information becomes available from 1 July, most data is usually finalised by the end of the month. Early lodgers often miss key details such as:

• Bank interest income
• Dividend income
• Government payments
• Private health insurance information

Waiting helps ensure your return includes complete and accurate information.

Use the Waiting Period to Prepare Properly

While you wait for pre‑filled data to be finalised, you can still prepare by:

• Checking that your contact details and bank account information are correct, as changes after lodgement can delay processing
• Gathering all relevant records, including receipts, diaries, and private health insurance statements
• Reviewing occupation‑specific deduction guides to make sure you claim what you’re entitled to

You should also confirm that your employer income statement has been marked “tax ready”, covering your salary or wages, PAYG withholding, and employer superannuation contributions.

Review Pre‑Filled Information Carefully

Once your pre‑filled data appears, review it carefully to ensure it is complete and accurate. Some government benefit information, such as allowance or pension payments, cannot be deleted from your return. If you identify errors in that data, you must contact the relevant information provider so they can correct the details and update the ATO.

Fixing Mistakes After Lodgement

Even if you take care, mistakes can still happen. If you realise you made an error after lodging your tax return, you can correct omissions or inaccuracies once the return has been processed. You can do this through the ATO’s online amendment process or by speaking with your registered tax agent.

Key Takeaway

Lodging your tax return too early can lead to unnecessary errors, delays, and amendments. Waiting until later in July improves accuracy by allowing pre‑filled information to be finalised, helping you lodge with confidence and avoid issues down the track.