The Australian Taxation Office (ATO) has warned taxpayers not to rush to file their tax returns but to wait a few weeks, saying those who try to do so quickly may make mistakes.
ATO Deputy Commissioner Rob Thomson said Australians who filed their tax returns on July 1 or at the beginning of the month were twice as likely to make errors.
He said people rushing to achieve this often forgot to include things like interest from banks, dividend income or details of private health insurance.
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Thomson said it was better to wait, as from the end of July most information from banks, government agencies and health funds would be automatically uploaded to the return.
“Tax season is not a race and there is a much higher chance that your return will be missing important information if you file it in early July. This is particularly relevant if you receive income from multiple sources,” she said.
“We know some prefer to cross their tax return off their to-do list early and not think about it for 12 months, but the best way to get it right is to wait a few weeks to file.”
Instead, taxpayers should take the time to gather all the appropriate documents and ensure that details such as their addresses and bank account numbers are correct.
If these details are updated after lodging your return, it may cause delays, the ATO has warned.
Those who accidentally make a mistake can correct it once the initial submission has been processed.
This can be done online through myGov or by speaking to a registered tax agent.
You can find more information about how to file your tax return on the ATO website.
Australians desperate to make money
Nearly a million Australians are desperate for a cash injection at the end of the financial year to ease cost of living pressures, according to a survey by comparison website Finder.
Finder surveyed 1,012 people and found that tax refunds were “critical” to the financial well-being of one in 10 respondents.
Most of those who said the tax refund was essential were women: 42 percent, compared to 28 percent of men.
The average Australian expects a refund of $1,288.
Finder personal finance expert Sarah Megginson urged people to use any cashback they receive to improve their financial situation.
“Whether it’s paying off debt, parking it in a high-interest savings account or investing it in your super, take advantage of the extra money,” he said.
“Don’t forget that stage 3 tax refunds will also be introduced on July 1, which will mean that all taxpayers will have more bread in their basket at the end of each month.”
