The end of financial year is upon us, which means millions of taxpayers are set to get some of their hard-earned cash back.
Last year, Aussies got an average of $2,900 back in their tax returns, according to the Australian Taxation Office (ATO).
Even though the start of the new financial year is July 1, the ATO said you would do well to wait.
“You can lodge on July 1, but you are punting with your tax return by risking delays to any refund you are owed,” Loh said.
Loh said the ATO would pre-fill some of the information in your tax return to help you get it right the first time.
“We pre-fill information such as your wages, health insurance and interest from banks, this process is usually finalised by late July,” he said.
“Thanks to pre-fill, waiting a few extra weeks can make lodging your tax return online quicker and easier.”
The ATO said Aussies were more likely to have their return adjusted or would experience a delay if they lodged before their income had been entered.
In fact, last July, more than 140,000 taxpayers had their return amended before the ATO issued their tax assessments.
“The stakes are high for early July lodgers. People who lodge in July are twice as likely to have their returns adjusted by the ATO,” Loh said.
To check if pre-filled information is available and to confirm if income statements are ‘tax ready’, you can visit the ATO app or log in to ATO online services through myGov.
“Once the information we collect is available, all you need to do is check it and add anything that’s missing,” Loh said.
“This will give you time to find receipts from the last 12 months, which you can upload to the myDeductions tool in the ATO app, then upload straight to your tax return.”