Why the ATO wants you to wait before lodging your tax return

Millions of Australians are gearing up to lodge their 2025-26 tax return on July 1, but rushing in could delay your refund.

The ATO says taxpayers should wait until late July, when income statements are marked "tax ready" and pre-fill data has been loaded into returns.

In 2024, 142,000 Australians who lodged in the first two weeks of July had to amend their return or had it adjusted by the ATO because information was missing or incorrect.

With many households counting on a tax refund to boost stretched budgets, here's why the ATO says late July is often the best time to lodge.

Tax return deadlines every Australian should know

If you're preparing your own tax return, you have until October 31 to get it into the Australian Taxation Office (ATO).

Lodge after this date, and penalties or interest charges can apply if you owe a tax debt.

Tax agents have far longer deadlines.

As long as you are on a tax agent's books by October 31, you can usually lodge your return much later, which is handy if you're likely to owe money on tax.

Why lodging your tax return too early can backfire

Eager beavers take note: Just because you can lodge your 2025-26 tax return in early July doesn't mean you should.

The ATO is warning taxpayers not to lodge their tax returns until their income statement is marked as 'tax ready' and data has been pre-filled by the ATO.

ATO Assistant Commissioner Rob Thomson explains, "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time - regardless of whether you use a registered tax agent or lodge yourself."

It takes time for all these organisations to pull together accurate data and send it to the ATO.

When should you lodge your tax return?

Thomson says waiting until late July allows for the ATO to prefill all the information in your tax return.

"We know doing your tax return is something to tick off your to-do list each year, but there's no need to rush," explains Thomson.

"The best time to lodge is from late July once everything is ready."

If you wait until then, all you need to do is check your information, add anything that's missing and include any deductions or offsets you're eligible for.

How to check if your tax return is 'tax ready'

You can check if the ATO has received all your pre-fill information by starting your tax return in myTax or speaking with a registered tax agent.

Sure, the wait can be frustrating.

But use the time to get all your ducks in a row.

Thomson recommends making sure you:

• Have all the necessary records
• Ensure your personal information and bank details are up to date with the ATO, and
• Check the ATO's online occupation guides to see the work-related deductions you may be able to claim.

Made a mistake on your tax return? Here's what to do

Rushing your tax return can make errors more likely.

While making a mistake isn't the end of the world - as long as you aim to correct it, it can delay your tax refund.

If you know you've made a mistake, or forgotten to include something, or your circumstances have changed, you will need to make an amendment.

The ATO advises waiting until you receive notice that your original tax return has been processed.

This will help reduce future processing delays.

Don't leave it too long. In most cases, you have two years from the date of your notice of assessment to amend a tax return.

If the issue at stake is complex, it could pay to speak with a registered tax agent.

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