ATO warns against lodging tax return early

The Australian Taxation Office is warning Aussies not to rush to lodge their tax return in early July as it could cause you problems.

The ATO is warning taxpayers against rushing into lodging their annual return. Picture: istock

The Australian Taxation Office is warning Australians not to rush to lodge their tax return next week.

While taxpayers can lodge their tax return from July 1, doing so could actually mean delays and follow-up questions from the ATO, it warns.

This is because pre-filled information from employers, banks, government agencies and health funds may not be loaded into your tax return yet.

Most of this information is expected to be automatically loaded from late July, regardless of whether you use a registered tax agent or lodge your own return.

ATO assistant commissioner Tim Loh said on Tuesday returns lodged in early July are more likely to be changed by the ATO compared to those lodged later.

“While you can lodge from 1 July, there is a much higher chance that your return will be missing important information if you lodge your return before late July,” he said.

“If you forget to include everything, it will slow down the progress of your return, and you’ll likely end up with more work to do down the track.

“No one likes life admin, and we want to help save you some where we can. If you have simple affairs, by waiting a few more weeks until all your information is pre-filled into your tax return, you’ll save yourself extra work and worry by getting it right the first time.”

ATO assistant commissioner Tim Loh. Picture: Australian Taxation Office

Mr Loh said once the information the ATO collects is available, “all you need to do is check it and add anything that’s missing”.

The ATO expects that this year fewer people will receive a refund or may receive smaller refund than they were expecting.

“If you receive a debt this year that you weren’t expecting or you’re getting behind with your tax, you may be able to set up your own payment plan on the ATO website,” Mr Loh said.

“If you need additional support, reach out to us or have a chat with your registered tax agent as early as possible so we can find a solution.”