Why You Should Wait Until After July 14 to Lodge Your Individual Tax Return

Don't rush your lodgement and risk an ATO audit!

Tip #1 - Prefill data is More Complete

The Australian Taxation Office (ATO) gathers data from multiple sources to verify the details you submit in your tax return. The ATO does this by comparing your details to the information supplied by the following:

• Employers - finalise your income statement

• Banks - report on the bank interest you've received

• Centrelink - report on the payments and allowances you've received

• Private health company's - provide policy information

• Investment platforms & share registries - provide details of dividends or distributions

Tip #2 - ATO Guidance Improves Mid-July Onwards

The ATO provides common mistakes early lodgers are making and provides guidance on the following topics:

• What deductions are being flagged

• Which occupations are under scrutiny

During 2024 tax time, 142,000 people lodged returns before 14 July and had their returns audited and amended by the ATO.

Outcome

Waiting until after the 14th of July means your tax return can be automatically prefilled with accurate information and you are aware of any updated guidance from the ATO. This therefore:

• reduces the chance of mistakes or errors (amending your tax return is not required)

• ensures income is not missing

• reduces the likelihood of an ATO audit

• leads to smoother and faster lodgement (less paperwork)