PATIENCE - GOOD THINGS COME TO THOSE WHO WAIT

It can be tempting to rush in and lodge your income tax return if anticipating a refund. Particularly if this is a sizeable one you plan to spend on something of significance. But the best action is to be patient and wait for your income statement to be marked as “Tax ready” in MyGov which gives the green light for lodging your return.

Tax returns lodged before the ATO has pre-filled information such as wages, bank interest and health insurance are at risk of delays due to tax returns needing adjustments and raising more questions from the ATO. According to the ATO in July 2021 over 140,000 taxpayers who lodged their returns in early July had to have their returns amended and experienced delays before refunds were issued.

The ATO expects pre-filled information to be available mid-July and has encouraged taxpayers to wait and ensure the information is available before lodging their returns. Your adviser can assist with timing and start the process to facilitate gaining that important refund smoothly and as soon as possible.