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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.

As tax season approaches, Australians are being urged to exercise caution to avoid hidden pitfalls that could lead to expensive errors.

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

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Mortgagor:
A person who offers to assign an asset as security (e.g. real estate) under a mortgage loan contract. The lender (mortgagee) holds the legal ownership of the security until the loan is repaid and the mortgage is discharged.

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