Table of Contents
ATO Advises Taxpayers to Delay Returns for Accurate Claims
The Australian Taxation Office (ATO) has cautioned taxpayers against hastily lodging tax returns—urging them to wait until late July for a more accurate filing process. As tax season approaches, many Australians are eager to secure refunds; however, premature submissions could lead to lengthy amendments and refund delays.
High Rates of Amendments
Last year, around 142,000 Australians who submitted their tax returns during the initial two weeks of July encountered issues that necessitated amendments or investigations by the ATO. Such errors not only prolong the refund process but can also create unnecessary stress during an already taxing period.
ATO Assistant Commissioner Rob Thomson emphasised the importance of waiting until later in July, when ATO has pre-filled data from employers, banks, and health funds. “We know doing your tax return is something to tick off your to-do list each year, but there’s no need to rush. The best time to lodge is from late July once everything is ready,” Thomson remarked.
Employers typically have until July 14 to finalise payroll data, making late July the optimal time for individuals to review their tax information with minimal fuss. Taxpayers can ensure their submissions are correct by checking pre-filled data, adding any missing information, and claiming eligible deductions or offsets.
Preparing for Tax Time
As tax season nears, Australians are encouraged to organise their receipts and records from the past year. Thomson advises taxpayers to ensure their personal and banking details are current and to consult the ATO’s occupation guides to identify potential claims.
To facilitate an easier tax return process, the ATO recommends downloading the ATO app. This tool not only helps secure personal information but also allows users to maintain records of work-related expenses. Taxpayers can verify their income statements’ readiness and check pre-filled information through myTax or the ATO app.
The Importance of Tax Refunds
Recent research by Finder indicates that over 10 million Australians are anticipating a tax refund this year, with the average expected refund being $1,519. For many, receiving this refund is crucial for financial stability; the findings reveal that nearly a quarter of participants consider it “very important” for their financial wellbeing, with 7% labelling it as “critical.”
Graham Cooke, Finder’s head of consumer research, noted that the eagerness to acquire tax refunds often stems from the financial strains experienced by households living paycheck to paycheck. “With many households grappling with the cost of living, these refunds offer a much-needed reprieve,” Cooke explained.
Conclusion
As the tax deadline approaches, Australians are reminded of the importance of filing accurately to avoid complications and delays. By waiting for the ATO’s data to be fully integrated and preparing adequately, taxpayers can ensure a smoother tax return experience and maximise their potential refunds.
For more updates and details, Australians can follow Yahoo Finance on their social media channels, including Facebook, LinkedIn, and Instagram.
