Tax time starts on Saturday, July 1, but the ATO says critical pre-filled information could take weeks to appear in online systems.
are being advised to wait a few weeks, as pre-filled information from employers, banks and health insurers is added to online ATO systems.Tax time starts on Saturday, July 1 and more than 14 million people are expected to lodge an annual income tax return with the Australian Taxation Office.
Taxpayers who lodge before their income statement is marked as “tax ready” and before other pre-fill information has been received run the risk of processing delays and follow-up questions from the ATO.In short, waiting will mean more of the work is done for you and the chance of mistakes is reduced. Many people can file online in about half an hour.
The ATO receives more than 14.3 million individual income tax returns every year and pays out about 11 million refunds.Last financial year, gross tax collections totalled $648.5 billion. Annual refunds to about 10.8 million taxpayers around the country totalled $132.9 billion.
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