This week marks the start of tax time, but the Australian Taxation Office (ATO) has said taxpayers should not rush their returns.
Rather, you should wait until your income statement has been marked ‘tax ready’. This means your employers, banks, government agencies and health funds have loaded your information into your tax return. Then, you can confirm that your pre-filled information is correct.
If you’d like to get a head start, you can begin by gathering all the necessary records, ensuring your details are up to date and reviewing the ATO website to check you’re claiming what you’re entitled to.
“We see lots of mistakes where people who rush to lodge early have forgotten to include interest from banks, dividend income, payments from government agencies and private health insurance details,” said ATO assistant commissioner Rob Thomson.
Most pre-fill information will be ready from late July.