The Australian Taxation Office (ATO) is advising taxpayers not to rush their tax return lodgements on July 1.
ATO Assistant Commissioner Rob Thomson (pictured above) highlighted that those who lodge early are twice as likely to make mistakes
“Tax time is not a race, and there is a much higher chance that your return will be missing important information if you lodge in early July,” Thomson said. “This is particularly relevant if you are receiving income from multiple sources.”
Thomson explained that many people who rush to lodge early often forget to include interest from banks, dividend income, payments from government agencies, and private health insurance details.
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From late July, most information from employers, banks, government agencies, and health funds will be automatically loaded into tax returns. This applies whether you use a registered tax agent or lodge your own return.
“We know some prefer to tick their tax return off the to-do list early and not think about it for another 12 months, but the best way to get it right is to wait just a few weeks to lodge,” Thomson said.
Thomson recommended using the time before late July to gather all necessary records, ensure details are up to date, and review occupation guides on the ATO website to check for eligible claims.
“Take some time to make sure all your details are correct. This includes your contact details, address, and bank details. Updating these after you lodge may cause delays,” he said.
Once your employer marks your income statement as “tax ready” and your information is pre-filled, you can proceed with lodging.
“You can check if your employer has marked your income statement as ‘tax ready’ as well as if your pre-fill is available in myTax before you lodge,” Thomson said. “Once the information we collect is available, all you need to do is check it and add anything that’s missing.”
The ATO understands that mistakes happen. Taxpayers who realise they have made errors can fix them through the ATO online amendment process, accessed via myGov or by consulting their registered tax agent.
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