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2023-24 Tax Season: Don’t Rush to Lodge Your Tax Return – Wait for Pre-Filled Details and Avoid Errors

During the 2023/24 tax season, Australians are advised by the ATO to avoid rushing their tax returns in early July to prevent errors, wait for pre-filled details for accuracy, and understand changes like the expiration of the LMITO affecting refunds.

Avoid Mistakes in Your Tax Return – Why Waiting for ATO’s “Tax Ready” Status Matters

According to the ABC Net AU, as tax season starts for 2023/24, Aussies are told not to rush. The ATO advises against early July submissions as it can lead to mistakes. Rushing may cause missing important info like bank interest or dividends.

For accurate tax returns, wait for the ATO to fill in details, which takes a few weeks. Check your income statement on ATO’s site for “tax ready” status. Fix errors post-submission via myGov or ATO app. Missing the Oct 31 deadline may mean fines, so file on time.

READ ALSO: Derek Ferguson Urges Guaranteed Income Solutions For Retirement Security Amid Rising Financial Risks

2023-24 Tax Season: Don’t Rush to Lodge Your Tax Return – Wait for Pre-Filled Details and Avoid Errors (PHOTO: USA Today)

Understanding Tax Returns Changes – Reasons Behind Lower Returns and Ways to Avoid Fines

Tax changes like the LMITO ending in 2022 have affected tax returns. Know why returns are lower, like moving into a higher tax bracket or extra Medicare levy. Stay updated with ATO’s tips to file correctly and avoid mistakes or fines.

READ ALSO: Philly Joy Bank’s $1,000 Monthly Support For Pregnant Residents Aims To Lower Infant Mortality Rates In Philadelphia

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