Millions of Australians have been warned not to rush to lodge their tax return next week.
The Australian Taxation Office (ATO) said people were twice as likely to make a mistake in their tax return if they lodge in early July.
Overclaiming deductions or supplying the wrong contact or bank details are among the common mistakes made.
ATO Assistant Commissioner Rob Thomson warned “tax time is not a race”.
“There is a much higher chance that your return will be missing important information if you lodge in early July. This is particularly relevant if you are receiving income from multiple sources,” he said.
‘We see lots of mistakes where people who rush to lodge early have forgotten to include interest from banks, dividend income, payments from government agencies and private health insurance details.’
These countries have the highest income tax rates in the developed world
Most information from employers, banks, government agencies and health funds usually load into your tax return from late July, Thomson said.
‘We know some prefer to tick their tax return off the to-do list early and not think about it for another 12 months, but the best way to get it right is to wait just a few weeks to lodge,” he said.
If you make a mistake, you can change it through the ATO online amendment process, accessed via myGov or by speaking to a registered tax agent.
