Tax season is here, and while you may be eager to file your individual tax return, it’s crucial to exercise patience.
The Australian Taxation Office (ATO) needs time to collect information for the last financial year. Therefore, it is recommended to hold off preparing your returns until the end of July at the earliest.
Waiting allows the ATO to pre-fill your tax return with data from employers, banks, and government agencies. This saves time and ensures accuracy in reporting your income, deductions, and other financial details.
Delaying also gives you the opportunity to gather all necessary documents, such as payment summaries, bank statements, and receipts for deductions.
This comprehensive approach minimises errors and ensures you claim all eligible deductions, maximising potential refunds or reducing tax liabilities.