The Australian Taxation Office (ATO) is reminding taxpayers to slow down at the start of tax time, warning that rushing to lodge can lead to delays and amendments.
Taxpayers who lodge as soon as the financial year ticks over risk submitting incomplete and inaccurate returns, which can trigger processing delays and follow up contact from the ATO.
During the 2024-25 financial year:
• Taxpayers who lodged before pre-fill were more than twice as likely to have their returns amended
• The ATO corrected more than 140,000 individual tax returns where discrepancies appeared in employment income, interest, dividends, welfare payments, Medicare levy exemptions and private health insurance.
• The ATO’s data matching program adjusted more than 595,000 individual tax returns due to missing income, overstated deductions and tax credits, and other discrepancies.
ATO Assistant Commissioner Anita Challen says taxpayers can save time and effort by waiting until all their pre-fill is available.
‘While the ATO welcomes taxpayers’ enthusiasm at the start of tax time, the numbers don’t lie – lodging too early creates more work for taxpayers,’ Ms Challen said.
‘Many taxpayers assume getting in first means getting a faster refund, but that is not always the case. Early lodgement increases the likelihood of missing information and mistakes being made, which can delay processing and require amendments.’
‘We know doing your tax return isn’t at the top of most people’s to-do lists, but we see many still rush to get it done. It’s worth taking the time to get it right the first time,’ she said.
For the quickest and most seamless lodgement experience, wait until late July.
By late July, most pre-fill information is available in returns, including wages, bank interest, government payments and private health insurance details.
‘The ATO collects and pre-fills a wide range of information to make tax time easier,’ said Ms Challen.
‘Taxpayers simply need to check the information, add in any missing information, including cash income, and eligible deductions.’
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