Why Waiting to Lodge Your Tax Return Could Save You Time and Money
Now that the financial year has ended, it can be tempting to lodge your tax return right away—especially with the rising cost of living. You might be hoping for a quick refund or just want to tick it off your to-do list.
However, the Australian Taxation Office (ATO) urges caution. Lodging your return too early could lead to costly mistakes.
In fact, in 2024, more than 140,000 early lodgers (those who filed in the first two weeks of July) had to amend their tax returns or had them corrected by the ATO due to errors—mostly from undeclared income.
Why Waiting Makes Sense
Although you can lodge your tax return from 1 July, the ATO recommends waiting until later in the month. Why? Because by then, key information from your employer, banks, health funds, and government agencies (like Centrelink) is more likely to have been pre-filled into your return.
While some data starts becoming available from 1 July, most is only finalised by late July. Some details—such as partnership or trust distributions—may not be available until even later.
Common Early Lodging Mistakes
Those who lodge early often forget or incorrectly report:
- Bank interest
- Dividend income
- Government payments
- Health insurance details
These errors can delay your return and may even trigger an ATO review. Not what you want!
What You Can Do Now
While you wait, it’s a great time to prepare. Here’s how:
- Check your contact and bank details are correct. Updating these after lodging can cause delays.
- Gather all relevant records, including receipts, diaries, and private health insurance statements.
- Review ATO occupation guides to ensure you claim all the deductions you’re entitled to.
You can also check the ATO’s “Pre-fill availability” page to see when your information (from employers, banks, health funds, etc.) is expected to be ready.
Before You Lodge
- Confirm that your income statement from your employer is marked as “Tax Ready”.
- Ensure all pre-fill data is available and correct in myTax (or via your tax agent).
- Understand that government benefit information (e.g. JobSeeker, Age Pension, Disability Support Pension) can’t be deleted or altered, as it’s now classified as “high certainty data”.
- If you notice incorrect or missing information, contact the provider to ensure they send updates to the ATO.
Made a Mistake? Don’t Panic
If you’ve already lodged and realise something’s wrong, you can fix it. Once your initial return is processed, you can amend it:
- Online via the ATO’s amendment process in myGov
- Or by contacting your registered tax agent
Disclaimer: The information on this page is for general information purposes only and is not specific to any particular person or situation. There are many factors that may affect your particular circumstances. We advise that you contact Mathews Tax Lawyers before making any decisions.