Hello [First_name],
Well we're up and going for the 2024 Tax season, and we're excited! You can start doing your 2024 Income Tax Return from the 24th of June in the evening. Yep, you can start on your tax return from as early as next week and get your refund soon after. However, starting early does have its drawbacks.
What you need to know before you lodge your return.
Firstly, it is unlikely that any prefill data will be available from next week.
Prefill data is the information that the ATO collects from your employers, banks, government agencies, and other sources. It helps you complete your return faster and easier.
Secondly, the ATO will not start processing 2024 returns until the 1st of July.
This means that even if you lodge your return early, you won't receive your refund until after that date. The ATO also advises that most prefill data won't be available until the middle of July.
Lodging before the 1st July does not make your refund come any quicker. And it has nothing to do with us. It's the ATO that determines when things will progress.
We know times are tough, but waiting for all the information to hit the ATO systems will make for a smoother refund process.
And this means what?
If you know all your income details and are willing to key them in yourself, and you have your expense claims ready, then there is nothing stopping you from completing your 2024 return next week. You can use our online service to guide you and lodge your return securely and conveniently.
However, if you prefer to wait for the prefill data to be available, or if you are not sure about your income or expenses, then you may want to hold off until later. You have until October 31 to lodge your return, so there is no rush.
Whatever you decide, we are here to help you with your taxes. You can contact us anytime if you have any questions or need any assistance. We look forward to helping you get the most out of your tax return.
Happy lodging!
Mr G Tax