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Should You Lodge Your Tax Return Now or Wait Until Late July?
Every July, the same question comes around: should you lodge your tax return the moment the new financial year ticks over, or hold off? Lodging first feels productive, but lodging accurately matters more. The real question is not how early you can lodge, it is whether your return is genuinely ready.
Why lodging first isn't necessarily better
The ATO pre-fills your return with information from employers, banks, health funds and government agencies. That information arrives progressively from 1 July, but most of it is not finalised until late July. Lodge too early and you may be working from incomplete data, which can mean fixing things later.
You may be ready to lodge when:
- Your income statements are marked tax ready in myGov.
- Your bank interest, private health insurance details and any government payments have appeared in your pre-fill.
- You have your own records for any deductions you plan to claim.
If all three are true, your return is likely in good shape to submit.
Consider waiting when:
- Information is still missing, or an employer has not finalised your income statement.
- You have investments, capital gains, trust income or dividends that take longer to report.
- Your deductions are more complex and you are still gathering records.
How to check your pre-filled information
Log into myTax through myGov and look at each income source. Anything not yet marked tax ready is still provisional and could change. It takes only a few minutes and saves the headache of amending later.
What happens if you lodge with missing information?
If you lodge and something was missing or wrong, you may need to amend your return once the correct details come through. It is not the end of the world, but it is extra work and can delay things, which is exactly what waiting a couple of weeks avoids.
A five-minute pre-lodgment checklist
- Are all your income statements marked tax ready?
- Has your bank interest pre-filled?
- Are your private health details showing?
- Have any government payments appeared?
- Do you have records for every deduction you want to claim?
Five yeses means you are probably good to go. Any nos are worth waiting on.
When professional tax advice may be useful
If your situation involves investments, a business, capital gains or anything you are unsure about, a registered tax agent can help you get it right and claim what you are entitled to. For the groundwork, our guides on preparing to lodge your tax return and what you can claim at tax time are a good starting point, and if your refund comes in lower than hoped, here is what to do if your tax refund is smaller than expected.
Before you submit, log into myTax and check that each income source is present and finalised. Waiting for accuracy is not about chasing a bigger refund, it is about getting your return right the first time.
This article is general information only and does not take into account your personal circumstances. It is not financial or tax advice. Waiting to lodge does not guarantee any particular outcome. For guidance specific to your situation, speak to a registered tax agent or check the ATO website. Beforepay products are subject to eligibility criteria and Terms of Service.
FAQs
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Not always. Most pre-fill information is not finalised until late July, so lodging in the first days of July can mean submitting with incomplete data. You are ready when your income statements are marked tax ready and your bank interest, private health and government payment details have appeared. Waiting for accuracy is different from waiting for a bigger refund.
Pre-fill data becomes available progressively from 1 July, but for many people it is not fully finalised until late July. The ATO generally describes late July as the point when most information has been pre-filled, which makes it a good time to check and lodge.
Your return may be inaccurate, and you may need to amend it later once the missing details are finalised. Running a short pre-lodgment check, confirming each income source is present and marked tax ready, helps you avoid the extra work.
Disclaimer: Information provided by Beforepay is factual information only and does not constitute financial, legal or tax advice. The views expressed in articles, including those of guest contributors, are general commentary only and should not be relied upon as a substitute for professional advice. While Beforepay Group Limited and its related bodies corporate believe the information provided is accurate at the time of publication, no representation or warranty is made as to its accuracy, completeness or reliability. To the extent permitted by law, Beforepay disclaims all liability arising from reliance on this information. Please read our Terms of Service before using Beforepay’s services.
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