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With data collection complete for form prefills, the office welcomes tax lodgements.
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ATO gives green light to lodge returns
28 July 2022
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9 minute read
The ATO has told accountants and taxpayers they can start lodging returns with its collection of data for prefill forms now complete.
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Assistant ATO Commissioner Tim Loh said the collection of data allowed for greater accuracy in returns.
“Much of the information we collect from employers, banks, private health insurers, share registries and other institutions is now ready to go in your tax return,” said Mr Loh.
“If you also have all the information you need to manually include, then you have the green light to lodge.”
Information that required manual input by accountants and taxpayers included extra income from rental properties and side hustles that were excluded from prefill.
Accountants were reminded that taxpayers should check information to ensure it was accurate before lodging.
“For those who use a registered tax agent, your agent will have access to your information,” said Mr Loh. “But even if you use a tax agent, remember that you are still on the hook to ensure that the information is correct.
“Mistakes like forgetting to update your contact details, bank account details, leaving out income, overclaiming on deductions or making claims for non-deductible items can slow down the processing of tax returns and your refund.”
The ATO said that already over $5.7 billion had been refunded to more than 2 million taxpayers with most receiving their refunds in less than two weeks.
“Four out of five people receive a refund with most refunds issued in less than two weeks,” said Mr Loh. “This process can’t be sped up even if you or your agent calls us.
He said both accountants and taxpayers could monitor the progress of returns through ATO online services, the ATO app or by phone.
The ATO also reiterated that the low and middle-income tax offset had increased by $420 for 2021–22, raising the base amount to $675 and the maximum to $1,500.
“We understand that people will be looking forward to receiving the low and middle income tax offset again this year, but it’s important to remember it is not a cash refund or tax bonus,” said Mr Loh.
“The offset reduces the amount of tax you need to pay which can reduce your tax to zero.
“If there is any offset remaining, you will not receive that amount as a cash refund.”
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