The Australian Taxation Office (ATO) advises against early tax return lodgment. Here’s why:
- Avoid Mistakes: Taxpayers who lodge in early July are twice as likely to make errors. Rushing increases the chances of missing crucial information, especially if you have income from multiple sources.
- Automatic Loading: From late July, employers, banks, government agencies, and health funds will automatically load most information into your tax return. Whether you use a tax agent or self-lodge, this ensures accuracy.
- Preparation Matters: Instead of rushing, take a few weeks to gather records, update details, and review occupation guides on the ATO website. Claim what you’re entitled to.
- Check ‘Tax Ready’: Once your employer finalizes your income statement, it’ll be marked as ‘tax ready.’ Verify this in myTax before lodging.
- Fixing Mistakes: If you realize errors after lodgment, use the ATO online amendment process via myGov or consult your registered tax agent.
Remember, tax time isn’t a race. Take your time, get it right, and avoid unnecessary stress!