Let’s be honest, tax time is nobody’s idea of fun. Most of us just want to get it over with. So when July 1 rolls around, it’s tempting to jump in, knock it out, and feel that sweet relief of having it sorted.
But lodging your tax return too early can actually land you in hot water.
Sound familiar?
You have checked your income. You have your receipts. You feel organised for once and think, “Why not just get it done now?”
Totally fair. But lodging before your income is marked ‘tax ready’ could mean you’re filing with missing or wrong info. And that can lead to delays, amendments, or even worse, trouble with the taxation office.
Last year alone, over 140,000 Aussies had to fix or redo their tax returns because they filed too early. Most of those cases came down to one simple thing: the information just wasn’t ready yet.
So, what’s the actual problem?
When you lodge too early, your return might be missing important stuff like:
- Income from your job
- Interest from your bank accounts
- Health fund details
- Government payments or support
That information usually gets pulled into your return automatically, but only once it has been received by the ATO. That tends to happen by late July.
Waiting feels boring… but it’s smarter
It might feel counterintuitive, especially if you like getting things done early. But holding off until your income statement is finalised gives you a much better shot at getting it right the first time.
All the fiddly stuff, like your wages, interest, and health fund info, gets pre-filled for you. That means less work on your end and fewer chances of getting something wrong.
And if you do everything correctly the first time, your refund (if you’re due one) won’t be delayed. Win-win.
What can you do in the meantime?
No need to just sit around waiting. There’s still plenty you can do to get organised:
- Double-check your personal details are up to date
- Gather all your receipts and expenses
- Use the ATO app to store your records in the myDeductions tool
- Make a list of deductions you might be eligible for
- Review the ATO occupation guides to see what you can claim
Doing this now makes the actual lodging part quicker and easier when the time’s right.
And what if something’s wrong?
Let’s say your bank has the wrong interest amount. Or your income doesn’t look right. Don’t panic, but don’t lodge, either.
Reach out to the bank or employer and ask them to fix it. If you lodge before they update the records, you’ll have to fix it later anyway. That just means more stress, more forms, and longer wait times.
Better to pause, double-check, and get it right than to deal with the fallout later.
Quick tip: Use the app
If you haven’t already, download the ATO app. It’s free, easy to use, and helps you keep your tax info safe and in one place. You can log expenses, upload receipts, and even track what’s been pre-filled.
It’s not about being fancy; it’s about being smart.
Final thought?
Rushing your return might feel productive, but it can do more harm than good. If you want to avoid corrections, delays, and extra admin headaches, wait until your income is marked ‘tax-ready’.
Tax time is already stressful. Don’t make it harder than it needs to be. A couple more weeks of patience could save you a whole lot of trouble.
Disclaimer: This website is designed for informational and educational purposes. Although we exert diligent efforts to maintain the accuracy and reliability of the content, we must disclaim liability for any errors, omissions, or inaccuracies. The content provided is “as is” and is not accompanied by warranties, whether expressed or implied. It should not serve as the sole basis for financial or legal decisions.
Given the evolving nature of financial regulations and conditions, the accuracy and reliability of information may change over time. Users are urged to exercise due diligence and consult with a qualified financial professional for personalised advice. ‘Clear Tax Accountants’ bears no responsibility for direct or indirect consequences, encompassing financial loss or legal matters stemming from the use or misuse of the information on this website.
Please be aware that the information, by no means, is a substitute for financial advice.
