Pitfalls for lodging Early Before “Tax Ready”
The Australian Taxation Office (ATO) cautions taxpayers about the risks of lodging tax returns too early. According to the ATO, individuals who file their returns in early July are twice as likely to make mistakes.
This is because from late July, most information from employers, banks, government agencies, and health funds will be automatically loaded into taxpayers’ returns. Once this information is pre-filled and finalized by employers, income statements are marked as “tax ready”.
Common mistakes made by those who rush to lodge early include forgetting to include:
- Interest from banks
- Dividend income
- Payments from government agencies
- Private health insurance details
ATO to acquire Medicare Exemption Statement data
The ATO has issued a gazette notice that it will acquire Medicare Exemption Statement data from Services Australia for the 2024 financial year through to the 2026 financial year, to check 180,000 individuals each year are correctly claiming exemption from payment of the Medicare levy and Medicare levy surcharge.
At W Wen & Co., we specialize in providing comprehensive tax advice to help you navigate the complexities of these new requirements. Our tax team is equipped to guide you through the entire lodgement process, ensuring your tax return is completed accurately and on time.
For personalized tax advice and assistance, reach out to us at W Wen & Co. We are committed to helping you understand and comply with the latest reporting requirements, reducing the risk of errors and penalties.