As the new financial year begins, it’s understandable to want to tick your tax return off the list as soon as possible. But when it comes to lodging your return, patience can save you time, money, and stress. At VI Partners, we encourage clients to wait until the ATO’s prefilled data is available before we lodge – and here’s why.
The ATO Prefill System: What Is It?
Each year, the ATO gathers information from banks, employers, government agencies, and other institutions and automatically preloads it into your tax record. This includes:
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Income from employment (via Single Touch Payroll)
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Bank interest and dividend payments
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Private health insurance details
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Centrelink payments (e.g. JobSeeker, family tax benefits)
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Superannuation contributions and rollovers
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Share sales or managed fund investments
This prefill data is typically available by late July, though it can take longer for more complex financial information.
Why Lodging Too Early Can Lead to Errors
If you lodge your return before the ATO prefill is complete, you run the risk of missing or incorrectly reporting:
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Employment income from all employers
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Interest income from multiple bank accounts
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Dividends or distributions from investments
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Private health insurance policy details
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Government payments that are taxable
Mistakes in your return can delay processing, trigger audit activity, or result in amended notices and penalties. Even small omissions can affect your refund or lead to tax payable later.
Waiting Helps Us Get It Right the First Time
By waiting until prefill is available, we can:
✅ Reconcile your information with the ATO’s records
✅ Identify discrepancies early
✅ Minimise the risk of amendments or reassessments
✅ Ensure your refund (or tax payable) is accurate
This is especially important if you:
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Changed jobs during the year
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Sold shares or crypto
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Received government support payments
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Made additional super contributions
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Use multiple banks or investment platforms
Peace of Mind Is Worth the Wait
We know it can be tempting to rush in – especially if you’re expecting a refund. But a few weeks’ patience could save you months of follow-up, frustration, and potential ATO scrutiny.
When Should I Lodge?
We’ll let you know when your prefill data is complete and your return is ready to prepare. For most clients, this is late July to early August. In the meantime, you can gather:
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Receipts and evidence for deductions
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Work-from-home diary or logbook
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Details of any income outside your salary (e.g. rental or investment)
If you’re not sure whether your prefill data is available yet, reach out – we can check this on your behalf.
Final Thoughts
At VI Partners, we’re here to help you get your return right the first time. Rushing might feel productive, but in the world of tax, being thorough always wins.
