In an interview with Yahoo!Finance, One Click Life Managing Director and Certified Practising Accountant, Mark Waller, said the first tax refunds have already started reaching Australians’ bank accounts.
Mark also noted that many taxpayers are receiving slightly larger refunds this year, with more people keeping records of their work-related expenses and having their receipts organised before lodging.
At the same time, he reminded Australians not to rush their Tax Return. While most employer information has now been reported to the ATO, it’s still important to check that all your income and pre-fill information has been received before submitting your return.
You can read the full Yahoo Finance article here:
Why waiting can save you time
While it’s tempting to lodge as soon as possible, some information may not yet be available, including:
- Employer payroll information
- Bank interest
- Dividends
- Private health insurance details
- Government payments
If you lodge before these details are available, you may need to amend your Tax Return later, which can delay your refund. The ATO has previously reported that early lodgements are significantly more likely to require adjustments.
How One Click Life helps
When you lodge with One Click Life, we’ll automatically retrieve your available ATO pre-fill information to help make your Tax Return as accurate as possible.
Before you submit your return, it’s still important to:
- Check your income details are complete.
- Add any eligible deductions.
- Review your personal information.
- Make sure all available pre-fill data has been received.
Taking a few extra minutes now could help you avoid unnecessary delays later.
Ready to lodge?
If all your information is available, you can log in to One Click Life and complete your Tax Return online in just a few simple steps.
LET’S GO!