You may be keen to get that tax return into your bank account, but there really are some drawbacks to lodging too early. Here’s a good article from ABC News detailing why you really are better off waiting before you lodge.
“As 14 million Australians begin pulling together their records for tax time, the Australian Taxation Office (ATO) is advising people to wait until the end of July before lodging returns, in order to minimise errors.
This year the ATO will again be eyeing unsubstantiated, or higher-than-expected, work-related expense tax deductions and claims on rental properties, according to assistant commissioner Karen Foat.”
To read the full article click on this link.