Keen to get your hands on a tax refund? Well, the Australian Taxation Office has revealed the number one problem that slows down the process.
ATO assistant commissioner Tim Loh said some Australians are in such a hurry they file their taxes before they’ve got a complete picture of their income for the previous financial year.
“Four out of five people get refunds at tax time. While we usually get these out in under two weeks, it may take longer if we need to address any mistakes and potentially adjust your return,” he said.
“Waiting until the end of July to lodge allows the ATO to add information into your tax return from employers, banks, private health insurers, and government agencies. Agents can access this information too.”
Employers usually have until July 14 to finalise their employees’ income statements. However, due to Covid, some employers have been granted extensions until July 31.
Want more information? Visit the ATO’s Tax Time Essentials page.