Avoid Costly Tax Mistakes: Patience Pays Off During Tax Season

1

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In a recent announcement, ATO Assistant Commissioner Rob Thomson emphasized to taxpayers that "tax time is not a race." His message arrives just ahead of the new fiscal year, commencing on July 1.

Mr. Thomson noted that taxpayers are significantly more likely to make mistakes or overlook critical aspects if they rush to submit their tax returns in early July.

"We witness numerous errors when individuals rush to file early, often forgetting to report interest from banks, dividend income, government agency payments, and private health insurance details," Mr. Thomson stated.

The ATO has indicated that essential information from employers, financial institutions, government bodies, and health funds is automatically added to the system towards the end of July.

"We understand that some prefer to quickly check off their tax return from their to-do list, not wanting to ponder it for another year. However, waiting a few weeks to lodge is the best strategy to ensure accuracy," Mr. Thomson advised.

"Meanwhile, you can prepare by collecting all necessary records, updating your personal information, and reviewing occupation-specific guides provided on the ATO website to ensure you claim entitled deductions," he added.

Earlier in the month, Gavan Ord, a spokesperson for CPA Australia, pointed out that the current cost-of-living pressures might prompt individuals to file their returns quickly to receive a refund sooner. Nonetheless, he urged people to wait for the ATO to pre-fill their tax information.

"Many of those who file in early July end up needing to revise their returns later, so it's prudent to wait. This approach will save you time and potential hassle in the future," Mr. Ord recommended.

"There's a false belief that filing early ensures a quicker refund, but the reality is more complicated than that.

"In fact, if the ATO requests additional information or if you make an error, it might delay your refund or necessitate a complete re-submission of your return," Mr. Ord explained.

Published:Tuesday, 25th Jun 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

Zone RV's Financial Collapse Exposes $40 Million Debt

20 Jan 2026: Paige Estritori

The recent collapse of luxury caravan manufacturer Zone RV has sent shockwaves through the Australian caravan industry. Based in Coolum on Queensland's Sunshine Coast, the company entered voluntary administration, revealing debts amounting to approximately $40 million. This development has left around 240 employees unemployed and approximately 180 customers uncertain about the status of their purchases. - read more

thl Closes Brisbane RV Factory, Relocates Production to New Zealand

20 Jan 2026: Paige Estritori

Tourism Holdings Limited (thl), a prominent player in the recreational vehicle (RV) industry, has announced the closure of its Brisbane manufacturing facility, effective December 19, 2025. This decision results in the loss of approximately 110 Australian jobs and signifies a strategic shift, with all production being relocated to New Zealand. - read more

RV Essentials Australia Reports Significant Growth and Bunnings Partnership

20 Jan 2026: Paige Estritori

RV Essentials Australia, a Melbourne-based manufacturer of caravan accessories, has announced a remarkable year of expansion, marked by a 132% increase in revenue and the servicing of over 15,000 customers. This growth is further underscored by the company's recent inclusion in Bunnings Marketplace, a significant achievement that places it among a select group of caravan accessory brands on the platform. - read more

Zone RV's Financial Collapse Exposes $40 Million Debt

12 Jan 2026: Paige Estritori

The recent collapse of luxury caravan manufacturer Zone RV has sent shockwaves through the Australian caravan industry. Based in Coolum on Queensland's Sunshine Coast, the company entered voluntary administration, revealing debts amounting to approximately $40 million. This development has left around 240 employees unemployed and approximately 180 customers uncertain about the status of their purchases. - read more

Multiple Collapses Shake Australian Caravan Manufacturing Industry

12 Jan 2026: Paige Estritori

The Australian caravan manufacturing industry is currently facing a series of company collapses, raising concerns about the sector's stability and future. The recent voluntary administration of Zone RV, a luxury caravan manufacturer based in Coolum, Queensland, is the latest in a string of closures that have left customers and employees in uncertain positions. - read more

Click for more Finance News