IT’S TAX TIME
Rushing to lodge returns early can create problems.
With the increase of the Low and Middle Income Tax Offset to $1,500 for the 2022 tax year, the temptation is to lodge faster but the risk of investigation by the tax office is higher.
According to the ATO, returns lodged in July are twice as likely to be adjusted due to incorrect or insufficient information being reported in the return, and that last year it amended more than 140,000 tax returns, lodged early, of people who got it wrong.
The ATO collects data from employers, banks, health insurers, share registries and others for pre-filling on people’s tax return with the process not usually finalised until late July.
Waiting until the ATO has uploaded the information means it is less likely an amendment will be needed later which could result in a tax debt.
For further information or assistance, please don’t hesitate to contact our office.