Over 300,000 people rush to lodge their tax returns in the first few days of each financial year.
Tax returns are checked against significant amounts of third party (ie banks, shares, single touch payroll) data before issuing refunds.
The ATO have advised:
- Friday 5 July: We start full processing of 2019 tax returns
- Tuesday 16 July: Taxpayers will start to receive refunds for 2019 tax returns.
With Single Touch Payroll being the ATO preferred way in 2019 to receive employee income information (and the only way for next year ie June 2020) myGov and Agents tax return software relying on the prefill of information, individuals should consider waiting until at least the employees income has been reported by their employer.
If the Information changes the ATO will either amend the assessment or seek further information.
Further information from the ATO:
Prepare for Tax Time 2019
Information is now available on ATO website to help you prepare for tax time.
Visit Tax Time 2019 to find out about:
- key changes and new measures
- our service commitment and start of tax return processing
- updating your client list and checking lodgment program due dates
- reviewing security to stop fraud and protect your clients
- what's new in pre-filling
- our focus for work-related expenses and data matching
- how to avoid common errors and prevent delays in processing returns
- what to consider before you lodge, including residency, foreign income, the sharing economy and business industry codes.
Tax-time publications can be accessed as they are released by visiting Forms and instructions and selecting Tax Time 2019.
You and your clients can also use Tax Time Toolkit, a suite of resources to help you prepare and lodge tax returns correctly.
We will keep you up to date with the latest tax time news in the Tax professionals newsletter.
ICB Comment: Please note BAS Agents and Bookkeepers are NOT permitted to prepare tax returns.