Pre-filled returns are now extending to contractors for the new reporting season, the Australian Tax Office (ATO) says.
And it says taxpayers should not listen to advice from AI, ‘finfluencers’ or others without verifying its accuracy.
The office says it now has over 100 million pieces of data ready to be pre-filled into individual tax returns.
The data has been provided from third parties such as employers, banks, private health insurers, share registries, and government agencies.
PRE-FILLED SERVICE EXPANDS
This season, the ATO expanded its pre-fill services to cover income that has been reported through the Taxable Payment Annual Report to help more contractors get their tax returns right the first time.
Contractors in industries such as building and construction, cleaning, courier services, information technology, road freight and security services may see their income automatically added to their returns from late August, the office says of the pre-filled service.
Tax office Assistant Commissioner Anita Challen says those taxpayers with straightforward returns can now lodge through myTax or a registered tax agent.
“For those patiently waiting to lodge, most income statements and pre-fill information is now available,” she says.
“If you’re self-lodging, before you hit ‘submit’, take a few extra minutes to check your details to avoid delays and mistakes.
“Be sure to check your pre-fill data is correct, declare all your income and claim deductions you are entitled to,” Challen says.
“Remember you are making a legal declaration that the information in your tax return is true and correct.”
The ATO is also reminding the public that calling their office will not speed up their returns.
“Most returns are processed within 12 business days; the fastest way to check the progress of a return is through the ATO app or ATO online services,” Challen says.
Taxpayers have until October 31 to lodge their return if preparing themselves; those using a tax agent may take longer but should be on their books by October 31.
TIPS FOR LODGING
She says DON’T:
- Overclaim deductions or inflate expenses. (The ATO has sophisticated data-matching and analytics that can quickly identify claims that don’t stack up and may delay your refund.)
- Forget to report all income (including from side hustles, cash jobs, rental properties, online activities and content creation) or risk having to pay interest and penalties.
- Copy and paste from previous returns (any changes in job or circumstances needs to show up in claims and returns).
- Act on information from third-party sources such as AI platforms, ‘finfluencers’, or advice from family or friends without verifying it via a registered tax professional or the ATO.
- Claim the new $1000 standard work-related deduction (this doesn’t apply until next year).
She says DO:
- Take your time to check your personal information, bank and Super details are correct.
- Review the ATO’s industry and occupation specific guides to understand what you can claim and what records are required.
- Engage a tax agent before October 31 if you plan to use one and check they are registered with the Tax Practitioners Board.
- Download the ATO app to manage your tax and Super, and to track the progress of your return.
- Use the myDeductions feature in the ATO app to organise expenses and deductions records.
- Stay alert to scams (the ATO will never project a number when calling or send an unsolicited message with a link asking you to provide personal information or log in to online services).
- Rely on advice from verified sources such as the ATO website, ATO app or a registered tax agent.
- To change a lodgement already made, click here to lodge an amendment.
The ATO’s support services include the Tax Help program, National Tax Clinic program, tax and superannuation resources and ATO community.
OTHER TAX NEWS:
Budget’s EV exemption extension welcomed
