While it may be tempting to submit your tax return as soon as the financial year ends—especially with rising living costs and the potential for a refund—the Austral-ian Taxation Office (ATO) advises caution. Lodging too early can significantly increase the risk of errors, which may delay your return or result in ATO-initiated amendments.
In July 2024 alone, more than 140,000 early lodgers had to revise their returns or had them amended by the ATO due to incomplete or inaccurate information, such as undeclared income. The ATO recommends waiting until late July, when most third-party data (from employers, banks, government agencies, and private health insurers) has been finalised and is available to pre-fill your return.
Why waiting matters:
Most of the information you need—such as salary and wages, interest income, dividends, private health insur-ance, and Centrelink payments—is reported directly to the ATO and pre-filled in your return. While some of this information starts becoming available from 1 July, it is generally finalised by the end of the month. Lodg-ing before this data is ready increases the likelihood of omissions or inaccuracies.
If you’re lodging your own return via myTax or using a registered tax agent, here are some steps to prepare while you wait:
- Review ATO occupation-specific guides to help you correctly claim deductions relevant to your industry.
- Confirm your contact and bank details in myGov or with your agent to prevent refund delays.
- Gather all supporting documentation including receipts, logbooks, work diaries, and health insurance statements.
- Ensure your income statement is marked “Tax Ready” by your employer before including it in your return.
Before lodging, take the time to review your return carefully. You cannot remove or delete pre-filled government payment data (e.g., JobSeeker, Age Pension, DSP). If any of the information appears incorrect, contact the relevant provider so they can update the ATO records.
Mistakes can happen. If you realise there’s an error after submission, you can request an amendment once your return has been processed—either via the ATO’s online portal through myGov or by contacting us.
For the most accurate outcome and to ensure you’re claiming your full entitlements, we recommend waiting until late July and or get in touch with us today!