Don't rush to lodge your tax return now!

The Australian Taxation Office (ATO) advises taxpayers not to rush lodging their annual income tax return from 1 July. Early lodgments before income statements are marked 'Tax ready' and pre-fill information is complete may lead to processing delays and ATO follow-ups.

ATO Assistant Commissioner Tim Loh explains that early July returns are more likely to be changed by the ATO. Waiting until late July when most information is pre-filled can save time and ensure accuracy.

From late July, data from employers, banks, government agencies, and health funds will be automatically loaded into tax returns. Taxpayers can then review and add any missing information.

The ATO expects fewer refunds this year, with some taxpayers facing unexpected debts. Payment plans can be set up online, and additional support is available through the ATO or registered tax agents.

Taxpayers who make mistakes can correct errors through the ATO online amendment process via myGov or by consulting a registered tax agent.

We'll consider any mistakes resulting from our incorrect or misleading information. Information is marked for specific financial years. Verify the correct year before making decisions. Contact us or seek professional advice if unsure.