Australian Taxation Office (ATO) Assistant Commissioner Tim Loh said they see more mistakes in early July as people rush to get their tax returns done.
“You can lodge on July 1, but you are punting with your tax return by risking delays to any refund you are owed. If you forget to include everything, you may end up answering questions from the tax office,” Mr Loh said.
“We pre-fill some of the information in your tax return to help you to get it right the first time. We pre-fill information such as your wages, health insurance and interest from banks, this process is usually finalised by late July.
“Thanks to pre-fill, waiting a few extra weeks can make lodging your tax return online quicker and easier.”
Taxpayers are more likely to have their return adjusted or experience a delay in the payment of any refund if they lodge their return before all their income has been entered.
Each year, from late July onwards, most information from employers, banks, government agencies and health funds will be automatically loaded into tax returns.
To check if pre-filled information is available and confirm if income statements are ‘tax ready’, visit the ATO app or log in ATO online services via myGov.
“Waiting for the ATO to upload information means people don’t have to roll the dice when they lodge, and it’s less likely an amendment will need to be made later, which could result in a tax debt,” Mr Loh said.
For more information, visit: ato.gov.au.
Find more mistakes in early refund rush
TAXPAYERS could be putting their tax refund at risk of being delayed or having their return adjusted if they lodge their tax return before their income statement is marked as ‘Tax ready’.