Avoid Costly Tax Mistakes: Patience Pays Off During Tax Season

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
Author: Paige Estritori
Sources

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

Share this news item:

Finance News

Clear

Camplify Reports Unprecedented Demand for Caravan Rentals

17 Mar 2026: Paige Estritori

As international travel costs continue to rise, many Australian families are seeking more affordable holiday alternatives. This shift has led to a significant increase in demand for caravan rentals and camping trips across the country. - read more

Australian Families Opt for Caravan Holidays to Combat Rising Travel Costs

09 Mar 2026: Paige Estritori

In response to escalating travel expenses, a growing number of Australian families are choosing caravan holidays as a more affordable alternative. This trend has led to a significant increase in demand for caravan rentals and camping trips across the nation. - read more

Rise of Chinese-Built Caravans in Australia Amid Local Sales Slump

09 Mar 2026: Paige Estritori

The Australian caravan market is experiencing a notable shift, with Chinese-built caravans gaining a stronger foothold as local manufacturers report a downturn in sales. This trend was evident at the Geelong Outdoor Living & Caravan Expo in January 2026, where an increased presence of imported, Australian-style caravans was observed. - read more

NSW Government Calls for Caravan Suppliers to Aid Disaster Recovery Efforts

01 Mar 2026: Paige Estritori

The New South Wales (NSW) Government has launched a proactive initiative to enhance disaster recovery efforts by establishing a panel of caravan suppliers. This program is designed to provide temporary accommodation for residents who have lost their homes due to natural disasters such as floods, bushfires, and storms. - read more

Sutherland Shire Council Evaluates Parking Restrictions for Caravans and Trailers

01 Mar 2026: Paige Estritori

The Sutherland Shire Council in Sydney's south is considering implementing restrictions on the parking of caravans and trailers on suburban streets. This deliberation follows nearly 3,000 complaints from residents in 2025 regarding the prolonged parking of such vehicles, which has led to concerns over visual amenity, reduced sightlines, and safety risks. - read more

Click for more Finance News