Yahoo Finance ATO’s warning for Aussies lodging tax returns
Many Aussies have said they’re looking to lodge their tax returns ASAP.
With the average Aussie set to get $2,900 back when they lodge their tax return, it’s no wonder many are looking to get it done ASAP. But being patient could save you a lot of trouble with the Australian Taxation Office (ATO).
CPA Australia has warned the public not to lodge their tax return too early. The warning comes after a poll from CPA Australia found the majority of people were rushing to lodge their return.
CPA Australia head of policy and advocacy Elinor Kasapidis said more than half of Aussies were planning to lodge their return “as soon as possible”.
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“This result is sounding alarm bells for CPA Australia, because it’s the opposite of what the ATO is asking people to do – which is to wait,” Kasapidis said.
“It’s possible the ATO is going to see a spike in the number of incorrect returns which need to be amended.
“Despite our poll showing the majority of people are planning to submit their returns as soon as possible, it’s critical to get the timing right. Lodging too early can be a major mistake.”
‘Heed the ATO’s advice’
Kasapidis said Aussies were clearly not listening to the ATO’s advice to wait until all the pre-fill information had been filed.
“We strongly recommend waiting until the ATO has filled in your information. This can take several weeks, but it’ll save you in the long run,” Kasapidis said.
“We know it’s tempting to lodge your tax return straight away, but taxpayers should wait for the ATO to finish pre-filling information.
“Amending a tax return to correct information that was wrongly submitted can be time consuming and costly. It’s much better to get your return right the first time.”
Take your time and get it right
Kasapidis said rushing your tax return could force you to go back to the drawing board.
“Mistakes are easy to make, income statements need to be finalised and you need to ensure you have your receipts in order,” she said.
“It’s possible cost-of-living pressures mean people are more eager than usual to access their tax return this year. Instead of rushing to lodge, we recommend you make the most of this time to get your records in order.
“Tax time is about paying the right amount of tax. Even if people are keen to get their tax return back, taxpayers must ensure their returns are accurate.”
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