ATO Assistant Commissioner Tim Loh said that most taxpayers with simple affairs would find the information they needed to lodge had now been pre-filled in their tax return.
“Most of the information we collect from employers, banks, private health insurers, share registries and other institutions, is now ready to go,” he said.
“So, if your financial affairs are fairly straight-forward, you’ve got a ‘green light’ to lodge – but remember you still need to check your details are accurate before you hit submit.”
Regardless of whether you lodge using a registered tax agent or yourself through myTax, pre-fill information will be automatically available in your tax return.
Some income may need to be manually added – for example, income from rental properties, some government payments or income from ‘side hustles’.
“Just because you’ve got a green light that doesn’t mean you should rush,” he said.
“Take your time and make sure to check that all your information is included.”
He also said that calling the ATO wouldn’t speed up the processing of your return, but you could keep track of your return by logging into the ATO app or through myGov, regardless of whether you lodged yourself or through a registered tax agent.
“We normally process online returns within two weeks, but if your return hits a speed bump, we’ll contact you,” Mr Loh said.
“There are a number of factors that can impact your final tax assessment.
“In simple terms, if you don’t receive a refund, it just means that you’ve paid the correct amount of tax throughout the year. If you receive a bill, it may mean you didn’t pay enough tax – this can be for a number of reasons.”
When you lodge your own return, the due date for payment is November 21, regardless of when you lodge, but if you are using a registered agent your due date may be later.
If you’ve received a bill and you can pay, you need to do so by the due date to avoid interest accruing, but if you’re experiencing financial difficulties, the ATO has payment plan options available.
For more: ato.gov.au.
