Skip to content
Government Federal, Taxation

Ensuring your tax return isn’t half-baked

Australian Taxation Office 2 mins read

With tax time around the corner, the Australian Taxation Office (ATO) is reminding taxpayers not to rush lodging their annual income tax return from 1 July.

Taxpayers who lodge before their income statement is marked as ‘Tax ready’ and their other pre-fill information has been received run the risk of processing delays and follow-up questions from the ATO if their return is incomplete.

ATO Assistant Commissioner Tim Loh explained that returns lodged in early July are more likely to be changed by the ATO compared to those lodged later.

‘While you can lodge from 1 July, there is a much higher chance that your return will be missing important information if you lodge your return before late July. If you forget to include everything, it will slow down the progress of your return, and you’ll likely end up with more work to do down the track,’ Mr Loh said. 

‘No one likes life admin, and we want to help save you some where we can. If you have simple affairs, by waiting a few more weeks until all your information is pre-filled into your tax return, you’ll save yourself extra work and worry by getting it right the first time.’

‘If you tried to bake a cake in an oven that wasn’t pre-heated, you’d end up with a half-baked disaster. Lodging your tax return before everything is ready is similar. Be patient, wait for your data to be pre-filled, and you’ll end up with a perfectly baked tax return!’

From late July, most information from employers, banks, government agencies and health funds will be automatically loaded into tax return, regardless of whether you use a registered tax agent or lodge your own return.

‘Once the information we collect is available, all you need to do is check it and add anything that’s missing. Essentially, all a well baked cake now needs is icing and sprinkles,’ Mr Loh said. 

The ATO understands people sometimes make mistakes. Taxpayers that realise they have made a mistake can fix errors or omissions in their tax return through the ATO online amendment process. This can be accessed via myGov or by speaking to a registered tax agent.  

This year, the ATO expects fewer people to receive a refund, or may receive smaller refunds than they were expecting, and more may have tax debts to manage.

‘If you receive a debt this year that you weren’t expecting or you’re getting behind with your tax, you may be able to set up your own payment plan on the ATO website. If you need additional support, reach out to us or have a chat with your registered tax agent as early as possible so we can find a solution,’ Mr Loh said.

Key Facts:

A headshot of ATO Assistant Commissioner Tim Loh is available for download from our media centre. 

Contact details:

02 6216 1901

More from this category

  • Games Gaming, Government Federal
  • 28/11/2023
  • 17:39
Alliance for Gambling Reform

Vic Govt must act on gambling harm blueprint – State’s $7.5b gambling losses are devastating communities

The Victorian Government must immediately adopt all 61 recommendations of a parliamentary inquiry which has detailed a comprehensive blueprint to dramatically cut gambling harm across the State. The Public Accounts and Estimates Committee (PAEC) report, published today, details a raft of recommendations including the consideration of setting gambling loss limits, reducing the number of poker machines in the State and imposing greater restrictions on gambling advertising. It highlighted that Victorians lost $7.5b in 2022-23 to gambling, rebounding strongly since losses fell due to the pandemic lockdown of recent years. “The PAEC has created a blueprint for dramatically cutting gambling harm…

  • Government Federal, Medical Health Aged Care
  • 28/11/2023
  • 11:28
Public Health Association of Australia

PHAA applauds strong, vital action against vaping epidemic and industry’s targeting of children

28 November 2023 The country’s peak body for public health has welcomed the announcement of the Australian Government’s new vaping regulations, which will come into effect from 1 January 2024. The changes include a ban on the import of disposable vapes, and an expanded access scheme for medical use from the start of 2024. “The vaping epidemic has been mounting for years and has proven to be a threat to the health of our kids,” says Public Health Association of Australia (PHAA) CEO, Adjunct Professor Terry Slevin. “The government has listened to parents, teachers, health experts, and the community in…

  • Contains:
  • Government Federal, Mental Health
  • 28/11/2023
  • 04:00
Australian Suicide Prevention Foundation

Prevent a Suicide: What To Say

Turn Your Mobile Phone Into a Life Saver Send medically-approved texts from the free App “Suicide and attempted suicide are the commonest causes of death and injury between the ages of 15 and 49, male or female, in Australia." (ABS) “Suicide and attempted suicide are the commonest causes of death and injury in our countryat any age between15 and 45. It is more thantwice as common as car accidentsas a cause of death and injury. (Australian Bureau of Statistics; Australian Institute of Health and Welfare).” The Australian Suicide Prevention Foundation today said the fear of not knowing what to say…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time your distribute with Medianet. Pay per release or save with a subscription.