Those who lodge before their income statement is marked as ‘Tax Ready’ and their other pre-fill information has been received, run the risk of processing delays and follow-up questions from the Australian Taxation Office (ATO) if their return is incomplete.
ATO Assistant Commissioner Tim Loh said that returns lodged in early July were more likely to be changed by the ATO compared to those lodged later.
“While you can lodge from July 1, there is a much higher chance that your return will be missing important information if you lodge your return before late July,” Mr Loh said.
“If you forget to include everything, it will slow down the progress of your return, and you’ll likely end up with more work to do down the track.
“If you have simple affairs, by waiting a few more weeks until all your information is pre-filled into your tax return, you’ll save yourself extra work and worry by getting it right the first time. Be patient, wait for your data to be pre-filled, and you’ll end up with a perfectly baked tax return.”
From late July, most information from employers, banks, government agencies and health funds will be automatically loaded into tax return, regardless of whether you use a registered tax agent or lodge your own return.
This year, the ATO expects fewer people to receive a refund, or may receive smaller refunds than they were expecting, and more may have tax debts to manage.
“If you receive a debt this year that you weren’t expecting or you’re getting behind with your tax, you may be able to set up your own payment plan on the ATO website,” Mr Loh said.
“If you need additional support, reach out to us or have a chat with your registered tax agent as early as possible so we can find a solution.”
