Many Australians are waiting for their tax refund
As the new financial year begins, many Australians are looking forward to getting some extra money from their tax refund.
According to a survey by Finder, almost half (47%) of Australians expect a tax refund this year. Among those, more than half (52%) plan to put the money into savings.
Because the cost of living is high, around 19% said they will use their refund to pay household bills. A smaller number said they would use the money for holidays (7%), shopping (5%), or to pay off their mortgage (6%).
Want to lodge your tax return quickly? It’s better to wait a bit
Many people are excited to file their tax return early to get their refund quickly. But experts say it’s better to wait.
Mark Chapman from H&R Block says there are two main reasons:
1️⃣ The Australian Taxation Office (ATO) only starts processing refunds in the second week of July.
2️⃣ The ATO uses pre-filled information from your employer, bank, and health funds. These organisations often do not send their information to the ATO until mid-July.
Sarah Megginson from Finder explains that your employer has until 14 July to finalise your income data. Without this, it is hard to complete your return correctly.
If you lodge too early, you might miss some income details like interest from your bank or income from a second job, which could force you to correct your return later.
When should you file your tax return?
Chapman suggests filing your tax return in the third week of July, as by then:
✅ Pre-filled information is complete.
✅ The ATO has started processing refunds.
However, if you think you will need to pay tax, you can wait until the last moment. This is 31 October if you lodge yourself or 15 May next year if you use a tax agent. This way, your payment will be due later, giving you more time to prepare.
Tips for a smooth tax return
✅ Do not rely only on the ATO’s pre-filled information. Always check your own records like your payslips and bank statements.
✅ Double-check your personal details such as your name, address, and bank account details with the ATO. If your details are wrong or outdated, your refund could be delayed.
✅ If you have moved, changed your name, or updated your bank account this year, update these details with the ATO before lodging your return.
✅ Check your bank account details carefully to make sure you receive your refund.
In short:
✔️ Wait until the third week of July to file for an accurate, smooth refund.
✔️ Check your own records, not just the ATO pre-fill.
✔️ Update your personal details with the ATO.
✔️ Use your refund wisely, whether for savings or to pay bills.
NAREDCO Urges 6% Home Loan Rates to Revive Housing Market Amid Sales Slump
Related volume..
ATO tax refund delays
tax refund mistakes to avoid
lodging tax return timing
tax return filing tips Australia
early tax return myths
tax refund processing times
ATO audit triggers
best time to lodge tax return
0 Comments