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

As tempting as it may be to lodge your tax return on July 1st—especially if you're hoping for a refund or just want to tick it off your to-do list—the Australian Taxation Office (ATO) is urging caution.

Early Lodgement = Higher Risk of Mistakes

  • Taxpayers lodging in early July are twice as likely to make errors.

  • In 2024, over 140,000 early lodgers had to amend their tax returns or had them corrected by the ATO.

  • Common issues include undeclared income and missing details.

Why the ATO Recommends Waiting Until Late July

Lodging later allows:

  • Pre-fill data to become available from:

    • Employers

    • Banks

    • Government agencies (e.g., Centrelink)

    • Health funds

  • Most of this information is finalised by the end of July.

  • Some data, like trust or partnership distributions, may not be available until even later.

Common Mistakes Made by Early Lodgers

  • Forgetting to include:

    • Bank interest

    • Dividend income

    • Government payments

    • Health insurance details

How to Prepare for Lodging Your Return

While waiting, the ATO recommends you:

  • Update your contact and bank details to avoid refund delays.

  • Gather all necessary documents, including:

    • Receipts

    • Work-related diaries

    • Private health insurance info

  • Review ATO occupation-specific guides to understand what deductions you're entitled to claim.

Check Pre-Fill Data Availability

  • Use the ATO’s online “Pre-fill availability” tool to see when your data will be ready from:

    • Government agencies

    • Health funds

    • Financial institutions

    • Employers and companies

  • Make sure your income statement is marked “Tax Ready” before lodging.

What You Should Know About Pre-Fill Data

  • You can’t remove pre-filled data related to government benefits (e.g., Jobseeker, Age Pension).

  • These fields are considered “high certainty data”.

  • If you notice an error:

    • Contact the relevant organisation.

    • Ensure they send corrected data to the ATO.

Made a Mistake? You Can Fix It

  • If you’ve already lodged and realise there’s an error:

    • You can submit an amendment online via myGov, or

    • Speak to your registered tax agent for help.

Final Advice

Lodging your tax return early isn’t always the best move. Waiting a few weeks could save you the hassle of amendments and delays. Take the time to get it right—the ATO is watching, but they’re also here to help.

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