Warning as millions of Australians prepare tax claimsDoing this one thing can cause mistakes and lead to big delays.4 min read

7NEWS06-27

Australians desperate to bank a tax return have been told they could actually be worse off by rushing to hit lodge.More than half of Australia’s 14.7 million workers are expected to file their own ...

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thing can cause mistakes and lead to big delays.4 min read\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-27 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://7news.com.au/news/tax-offices-warning-as-millions-of-australians-prepare-to-lodge-returns-c-22468840><strong>7NEWS</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Australians desperate to bank a tax return have been told they could actually be worse off by rushing to hit lodge.More than half of Australia’s 14.7 million workers are expected to file their own ...</p>\n\n<a href=\"https://7news.com.au/news/tax-offices-warning-as-millions-of-australians-prepare-to-lodge-returns-c-22468840\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EIGA.AU","symbol_name":"EINVEST INCOME GENERATOR 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approachesKnow the news with the 7NEWS app: Download today ArrowBut experts say taxpayers who do so as early as July 1 risk submitting incomplete and inaccurate documents, triggering delays and follow-up contact.“Many taxpayers assume getting in first means getting a faster refund, but that is not always the case,” Australian Taxation Office (ATO) assistant commissioner Anita Challen said.“Early lodgment increases the likelihood of missing information and mistakes being made, which can delay processing and require amendments.”Close to 600,000 tax returns were adjusted by the ATO’s data matching program for the 2024-2025 financial year because of overstated deductions and tax credits, missing income and other issues.And more than 140,000 returns were corrected by the tax office when discrepancies in income, interest, dividends, welfare payments, Medicare levy exemptions and private health insurance were picked up.ATO assistant commissioner Anita Challen. Credit: Australian Taxation OfficeFor those not using a registered tax agent or accountant and lodging their own returns online through myGov, the advice is to wait until late July when information such as wages, bank interest and private health insurance details will be taken care of.Be the first to know: Add 7NEWS as your preferred news source on Google“The ATO collects and pre-fills a wide range of information to make tax time easier,” Challen said.“Taxpayers simply need to check the information, add in any missing information, including cash income, and eligible deductions.”Don’t fall into ‘tax autopilot’Despite the convenience of pre-filled returns, DIY tax platforms and smarter digital tools, H&R Block’s tax communications director Mark Chapman said people can ill afford to fall into “auto-pilot” when completing the important task.New research commissioned by the accounting firm suggests almost half of us — 48 per cent — have experienced an “unexpected outcome after lodging”.“One of the more interesting findings was that 61 per cent of Australians questioned whether they’d completed their return correctly after hitting submit,” Chapman said.“It’s a reminder that taking a little extra time to check your information and ensure everything has been included can make a real difference.“Although many Australians view their tax affairs as relatively simple, our research found 71 per cent had at least one factor that can add complexity to a return, whether that’s working from home, investments, multiple income sources or a side hustle.”Play VideoFrom 1 July 2024, Australian households face significant financial changes including tax cuts for most workers, minimum wage increases, and parental pay rises.From 1 July 2024, Australian households face significant financial changes including tax cuts for most workers, minimum wage increases, and parental pay rises.From 1 July 2024, Australian households face significant financial changes including tax cuts for most workers, minimum wage increases, and parental pay rises.Australians have also been warned about tax shortcuts, social media hacks and promises of bigger refunds.“Relying on AI might get you part of the way but if you make a mistake you are the one that gets hit with the penalty and interest,” Chartered Accountants ANZ tax leader Susan Franks said.Work-related deductions and omitted income from side hustles — including ride-share income, creator income, consulting, online selling or freelance work — will once again be in the spotlight, as will interest and rental income.The ATO said many workers push the boundaries when it comes to what can be claimed back, and have “three golden rules” when it comes to work-related expenses:— You must have spent the money yourself and not been reimbursed;\n— The expense must directly relate to earning your income;\n— You must have a record (usually a receipt, invoice or logbook) to prove it.Tax cut comingFrom July 1, every Australian worker will receive a tax cut of up to $268 when the 16 per cent tax rate on income between $18,201 and $45,000 will drop to 15 per cent.The tax rate will drop to 14 per cent from July 1, 2027, translating to an additional $268 in savings.Taxpayers have also been reminded the government’s $1000 instant tax deduction is not applicable until tax time in 2027, and budget changes to capital gains tax and negative gearing are planned to take effect from the same time.CPA Australia tax lead Jenny Wong said the scale of these reforms and others has increased the risk of misinformation spreading online.“Whether it’s claims about maximising deductions, restructuring investments or timing asset sales, the reality is these decisions now require a much deeper understanding of the rules,” she said.“Relying on generic advice — particularly from overseas sources or AI tools that don’t consider your personal situation — can lead to incorrect claims, poor financial decisions and unintended tax consequences.”All information in this article is general in nature and does not take into account your personal circumstances. You should always seek independent, professional financial advice from a licensed expert before making any financial decisions.Tax time warning as ATO cracks down on common ‘mistakes’3 min readMillions of Aussies warned ahead of key tax date: ‘Penalties, audits or worse’3 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2646395629","isCrawlerRequest":true}