Why you shouldn't lodge your tax return before July 15

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Over the next few months millions of Australians will be rushing to lodge their tax returns in the hope of a generous refund cheque.

Whether you intend to use a tax agent or to lodge yourself through the myTax system, here are a couple of key tips to bear in mind.

Take extra care that your return is right if you intend to lodge early. Many people lodge their return during the first weeks of July to get a refund as soon as possible.

tax return tax refund july ato mark chapman

By doing that, though, you expose yourself to a real danger of missing crucial information.

These days, the ATO receives a wide range of information from third parties such as employers, banks and private health providers, which can be pre-filled on your tax return.

However, much of that information isn't provided to the ATO - and hence to you - until well into July and, in some cases, August. So, if you are an early lodger, the information downloaded from the ATO may be incomplete.

Check it carefully and ensure you have your own income information to hand, because if you lodge a return with incomplete information, you will get a "please explain" from the tax office.

Remember, the burden of getting a return right falls on you.

Be patient.

It takes the ATO up to two weeks to process a tax return and issue a refund.

There's no point chasing the ATO (or your tax agent!) for your refund until that two-week period has passed.

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Mark Chapman is director of tax communications at H&R Block, Australia's largest firm of tax accountants, and is a regular contributor to Money. Mark is a Chartered Accountant, CPA and Chartered Tax Adviser and holds a Masters of Tax Law from the University of New South Wales. Previously, he was a tax adviser for over 20 years, specialising in individual and small business tax, in both the UK and Australia. As well as operating his own private practice, Mark spent seven years as a Senior Director with the Australian Taxation Office. He is the author of Life and Taxes: A Look at Life Through Tax.