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ATO issues warning: The stakes are high if you lodge in early July

The Bugle App

Donna Portland

25 June 2024, 2:06 AM

ATO issues warning: The stakes are high if you lodge in early July ATO Assistant Commissioner Rob Thomson

The Australian Taxation Office (ATO) is cautioning taxpayers against rushing to lodge their tax returns on 1 July. ATO Assistant Commissioner Rob Thomson said  those who lodge early in July are twice as likely to make mistakes.


"Tax time is not a race, and there is a much higher chance that your return will be missing important information if you lodge in early July. This is particularly relevant if you are receiving income from multiple sources," said.


The common mistakes made by early lodgers include forgetting to include interest from banks, dividend income, payments from government agencies, and private health insurance details.



From late July, most information from employers, banks, government agencies, and health funds will be automatically loaded into your tax return, whether you use a registered tax agent or lodge your return yourself.


"We know some prefer to tick their tax return off the ‘to-do’ list early but the best way to get it right is to wait just a few weeks to lodge," Thomson said.


In the meantime, taxpayers can get a head start on their tax obligations by gathering all necessary records, ensuring their details are up to date, and reviewing the occupation guides on the ATO website to check they are claiming what they are entitled to.


Ensure all details including contact information, address, and bank details, are correct. Updating these after lodging may cause delays.



Once the  information has been pre-filled and finalised by your employer, your income statement will be marked as ‘tax ready’.


"You can check if your employer has marked your income statement as ‘tax ready’ as well as if your pre-fill is available in myTax before you lodge. Once the information we collect is available, all you need to do is check it and add anything that’s missing," Thomson said.


The ATO understands that people sometimes make mistakes. Taxpayers who realise they have made an error can fix omissions or mistakes in their tax return after the initial lodgement has been processed through the ATO online amendment process, accessed via myGov or by speaking to their registered tax agent.