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Take time to get tax right

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July 06, 2017

Tax time has officially begun and the Australian Taxation Office is reminding taxpayers to take their time to get it right.

Assistant Commissioner Kath Anderson said 2.8 million people lodged their tax return in July last year, which is 22 per cent of all tax returns lodged for 2015-16.

‘‘We know that some taxpayers like to get in early and lodge in the first month of tax time, but our analysis shows that if you lodge in July, you’re far more likely to make a mistake by leaving out some of your income,’’ Ms Anderson said.

‘‘By mid-August we have pre-filled most of the data from employers, banks, government agencies and other third parties. Waiting until this information is available will help you avoid mistakes.

‘‘For many people waiting until August means all they have to do is double-check the information we have pre-filled, enter any deductions and then hit ‘submit’.’’

Ms Anderson said taxpayers don’t need to get into a rush to lodge their tax returns early.

‘‘It’s great to see taxpayers eager to finalise their returns, but it’s your responsibility to make sure you declare all your income. This includes income from any cash jobs, the sharing economy, your second job, foreign sources, employee share schemes and capital gains from the disposal of shares and property.

‘‘Our systems are great at finding errors in tax returns, and if we have to investigate something further in your tax return.’’For more, go to ato.gov.au/lodgeonline.

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