The ATO warns against doing your tax straight away.
Rushing in and doing your tax straight away could have consequences.
The ATO sees more mistakes in early July as people scramble to get their refund. This scrambling has the potential to delay your return, getting it wrong and even missing tax deductions that you may be entitled to.
Each year your employer, your health insurance fund, CentreLink and the numerous financial institutions deliver to the Tax Office all their customers (that's you) financial information.
All this information is massaged and collated by the ATO and subsequently compared to your tax return.
By waiting to do your return you are effectively waiting for this information to populate the ATO systems. Once this is done it's simply transferred through your agent (that's us) to populate your tax return. Then when lodged, the data is matched with the ATO's data and hey presto, no variation, and everything sails through smoothly and your Tax Refund hits your bank account quite quickly.
Last July, over 140,000 taxpayers had their 2021 return amended. That amendment process causes delays in your refund being issued.
A mismatch of data causes delays. If you don't know the exact numbers that are coming from these institutions then put your feet up for a week or two. it could save you time in the long run.
Thanks for reading.
Enjoy your evening.