There is such a thing as being too organised when it comes to filing your taxes, the Australian Tax Office (ATO) says.
The ATO has warned taxpayers not to lodge any tax returns until their income statement is marked “tax ready” and has the data pre-filled by the ATO.
The organisation said that last year 142,000 people had to make amendments to their tax return, or had their tax returns investigated and amended by the ATO.
These thousands of Aussies lodged their tax returns in the first two weeks of July, with some failing to declare their income properly.
To get around this, the ATO’s Assistant Commissioner Rob Thomson said it was better to wait until late July for the ATO to prefill some of the information they need.
“We know doing your tax return is something to tick off your to-do list each year, but there’s no need to rush,” Thomson said.
“The best time to lodge is from late July once everything is ready.
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“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.”
The ATO advises that waiting for the pre-fill can cut down on the likelihood of mistakes, which can cause issues and delays in getting your return.
“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,” Thomson 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.”
