The Australian Taxation Office (ATO) has given Aussies the green light to lodge their tax returns, saying "it's time". Taxpayers had been warned against lodging their tax returns too early, or risk making a mistake and being flagged for review.

Now the ATO has given the all clear for taxpayers to begin lodging, as most with simple affairs will have their information pre-filled into their accounts. Assistant Commissioner Rob Thomson said the ATO had completed the pre-fill of more than 91 million pieces of information from employers, banks, government agencies and private health insurers.

“You’ve been patiently waiting, but now you’re good to go! Whether you lodge using a registered tax agent or lodge yourself through myTax, pre-fill information will now be available,” he said.

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If you are lodging yourself, you’ll need to check all the pre-filled data is correct, add anything that’s missing and then include any deductions you are entitled to claim.

Aussies have until October 31 to lodge their tax returns if they are doing it themselves. If you are going through a professional, you have up until May 15 next year.

“Don’t forget that you need to include all sources of income in your tax return. This includes side-hustles, linked income from providing ride sourcing services or selling services via an app,” Thomson said.

“Remember, the ATO has 40 industry and occupation specific guides to assist you in what you can claim and what records are required to prove it.”

Who should wait to lodge their tax returns?

Most Aussie taxpayers with simple affairs can start lodging now, but if you have more complex affairs, it could be worth waiting.

Hive Wise founder Hripsime Demirdjian told Yahoo Finance salaried employees with no investments were now in the “safe zone” to start preparing their tax returns.

“However, if you’re someone who has a more complex tax return, which includes investments such as managed funds, you would be wise to hold off lodging your tax return until August/September, as this information is generally not available until then,” she said.

“In all cases, you want to make sure the data in your prefilling report is marked as 'tax ready' before you lodge it as this indicates the data is complete."

When will I receive my tax refund?

Once your tax return is processed, you’ll receive a notice of assessment from the ATO. This will tell you if you are entitled to a tax refund or if you owe any tax.