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.