Avoid Costly Tax Mistakes: Patience Pays Off During Tax Season

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In a recent announcement, ATO Assistant Commissioner Rob Thomson emphasized to taxpayers that "tax time is not a race." His message arrives just ahead of the new fiscal year, commencing on July 1.

Mr. Thomson noted that taxpayers are significantly more likely to make mistakes or overlook critical aspects if they rush to submit their tax returns in early July.

"We witness numerous errors when individuals rush to file early, often forgetting to report interest from banks, dividend income, government agency payments, and private health insurance details," Mr. Thomson stated.

The ATO has indicated that essential information from employers, financial institutions, government bodies, and health funds is automatically added to the system towards the end of July.

"We understand that some prefer to quickly check off their tax return from their to-do list, not wanting to ponder it for another year. However, waiting a few weeks to lodge is the best strategy to ensure accuracy," Mr. Thomson advised.

"Meanwhile, you can prepare by collecting all necessary records, updating your personal information, and reviewing occupation-specific guides provided on the ATO website to ensure you claim entitled deductions," he added.

Earlier in the month, Gavan Ord, a spokesperson for CPA Australia, pointed out that the current cost-of-living pressures might prompt individuals to file their returns quickly to receive a refund sooner. Nonetheless, he urged people to wait for the ATO to pre-fill their tax information.

"Many of those who file in early July end up needing to revise their returns later, so it's prudent to wait. This approach will save you time and potential hassle in the future," Mr. Ord recommended.

"There's a false belief that filing early ensures a quicker refund, but the reality is more complicated than that.

"In fact, if the ATO requests additional information or if you make an error, it might delay your refund or necessitate a complete re-submission of your return," Mr. Ord explained.

Published:Tuesday, 25th Jun 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Clear

Marinas26 Conference to Highlight AI's Impact on Marina Operations

25 Apr 2026: Paige Estritori

The Marina Industries Association (MIA) has unveiled the comprehensive program for Marinas26, its biennial conference and trade exhibition, scheduled for 24-27 May 2026 at the RACV Royal Pines Resort on Queensland’s Gold Coast. Embracing the 'Future Smart' theme, the event aims to delve into emerging trends and technologies poised to reshape the marina and boatyard sector across the Asia-Pacific region. - read more

Explore the 2026 Sanctuary Cove International Boat Show's Stellar Exhibitor Line-Up

17 Apr 2026: Paige Estritori

The Sanctuary Cove International Boat Show (SCIBS) is set to make a grand return to the Gold Coast from May 21 to 24, 2026. As the Southern Hemisphere's largest marine event, SCIBS 2026 promises an unparalleled showcase of marine excellence, drawing over 45,000 boating enthusiasts, industry leaders, and luxury lifestyle seekers. - read more

BIA Calls for Balanced Approach to Sand Flathead Fishing Closures in Tasmania

01 Apr 2026: Paige Estritori

The Boating Industry Association (BIA) has recently addressed the Tasmanian Government regarding the proposed closure of sand flathead recreational fishing zones in south-eastern Tasmania, set to commence on 1 March 2026. This initiative aims to protect declining sand flathead populations; however, the BIA emphasises the necessity of a balanced approach that considers both environmental sustainability and the socio-economic well-being of local communities. - read more

BIA Endorses Dolans Bay Marina's Infrastructure Enhancement

01 Apr 2026: Paige Estritori

The Boating Industry Association (BIA) has expressed its support for the proposed infrastructure upgrades at Dolans Bay Marina, recognising the project's potential to significantly improve boating access and safety for individuals of all ages and abilities. This endorsement aligns with the BIA's commitment to promoting safe, responsible, and enjoyable boating experiences across Australia. - read more

BIA Calls for Urgent Improvements to River Murray Boating Infrastructure

01 Apr 2026: Paige Estritori

The Boating Industry Association (BIA) has raised concerns regarding the deteriorating state of essential boating infrastructure along the River Murray, emphasising the need for immediate action to ensure the safety and accessibility of these facilities for the boating community. - read more

Club Marine Introduces Specialized Insurance for Race Boats

24 Mar 2026: Paige Estritori

Club Marine, Australia's leading boat insurance provider, has unveiled a new insurance policy tailored specifically for race boats during storage and transit. This initiative aims to support participants in the Australian Offshore Superboat Championship by offering coverage for accidental loss, damage, theft, or malicious damage while the boats are on land and on their trailers. - read more

Click for more Finance News