As we approach the tax season, the Australian Taxation Office (ATO) has released a statement that they would like to remind taxpayers to exercise caution and avoid rushing the lodgement of their annual income tax return from 1 July.
It is important to note that taxpayers who submit their returns before their income statement is marked as ‘Tax ready’ and before their other pre-fill information is received run the risk of experiencing processing delays and follow-up questions from the ATO due to incomplete submissions.
To shed light on this matter, ATO Assistant Commissioner Tim Loh emphasised that returns lodged in early July are more likely to undergo changes compared to those submitted later. “While you can certainly lodge your return from 1 July, it’s crucial to understand that there is a higher chance of missing important information if you choose to lodge before late July. Forgetting to include all necessary details can significantly slow down the processing of your return, ultimately resulting in additional work that needs to be done down the line,” Mr Loh explained.
We understand that dealing with administrative tasks can be burdensome, and we are here to assist you wherever possible. For individuals with straightforward tax affairs, we recommend waiting a few more weeks until all your information is pre-filled into your tax return. This will save you from unnecessary work and concerns by ensuring accuracy from the very beginning.
Starting from late July, most of the required information from employers, banks, government agencies, and health funds will be automatically loaded into the tax return system, regardless of whether you choose to use a registered tax agent or lodge your own return.