THE Australian Taxation Office is warning taxpayers not to lodge their tax returns until income statements are marked ‘tax ready’ and data has been pre-filled by the ATO.
Last year, 142,000 people who lodged in the first 2 weeks of July had to lodge amendments, or had their returns investigated and amended by the ATO to fix inaccuracies in their tax return, for example, income that had not been declared properly.
ATO Assistant Commissioner Rob Thomson said waiting until late July allows for the ATO to prefill information in your tax return.
“We know doing your tax return is something to tick off your to-do list each year, but there’s no need to rush. The best time to lodge is from late July once everything is ready,” Mr Thompson said.
“We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself.”
Waiting for this information to be pre-filled reduces the likelihood of mistakes or omissions, which can often result in taxpayers having to submit an amendment which can cause issues and delays for taxpayers.
“If you wait until late July to lodge, all you need to do is check your information, add anything that’s missing and include any deductions or offsets that you’re eligible for,” Mr Thompson said.
“If you’re keen to get your ducks in a row before you lodge, make sure you have all the necessary records, ensure your personal information and bank details are up to date and check the ATO occupation guides to see what deductions you may be able to claim.
“The ATO is also encouraging taxpayers to download the ATO app and set up a strong digital identity to protect themselves this tax time to ensure your interactions online are safe and secure.
“The app not only allows you to keep records of your work and general expenses but it will keep your information safe, including notifying you of any suspicious activity on your account,” Mr Thomson said.
Once employers has finalised income statements, it will be marked as ‘tax ready’.
Taxpayers can check if their income statement is ‘tax ready’, as well as if pre-fill is available in myTax prior to lodging or in the ATO app.
