Returns lodged early to cash in
With a tax refund bonus of more than $1000 available to many Australians this year, accountants are dealing with an influx of customers wanting to get their tax returns in early.
Albany Porters Chartered Accountants senior manager Jodi Bradley said there had been a rush of residents wanting to lodge their tax returns since the Coalition Government’s $158 billion tax cuts package passed through the Senate this month.
“We have had more interest from individuals wanting to lodge their tax return early, there are also more people filing their tax return early through self-lodging,” she said.
“The ATO was flooded with 90,000 calls when the tax cuts were passed.” As a result, the ATO website was down for several hours last Friday.
About 810,000 taxpayers lodged their tax returns in the first week of July.
In just two weeks, the ATO processed more than one million returns and 390,000 refunds.
However, Ms Bradley said she had warned her clients against lodging their tax returns too early, as it could lead to administrative errors.
“Most employers have until July 31 to finalise their employees’ income statements, so our advice is be patient,” she said. “People can do it now, but there’s a high risk that some information flowing through to the ATO may be incomplete and you might get sent an amended assessment later.”
Get the latest news from thewest.com.au in your inbox.
Sign up for our emails