Why You Should Wait to Lodge Your Tax Return This Year
At Supertax, we always aim to keep our clients ahead of ATO compliance and changes. One crucial point to consider this tax season is when you lodge your tax return.
The ATO has released data showing that in the first two weeks of July last year, they intervened in over 142,000 early tax returns. These interventions led to amendments—either by the taxpayers themselves or directly by the ATO. The most common issue? Missing income.
Why This Year is Different
From 1 July 2024, the ATO has significantly expanded its data-matching capabilities through the introduction of the Share Economy Reporting Regime (SERR). Under this regime, platforms involved in the gig or sharing economy must now report income directly to the ATO.
This includes income from:
- YouTube, Facebook, and OnlyFans
- Uber, Airtasker, and delivery services
- Airbnb, Stayz, and short-term rental platforms
- Property managers handling residential lettings
In previous years, the ATO relied on individual taxpayers to report side-hustle income voluntarily. This approach often led to significant underreporting. With the introduction of SERR, the ATO now receives this income data automatically—making non-disclosure far riskier than ever before.
What Does This Mean for You?
- If you operate a side hustle, it’s essential that you report all income accurately.
- Equally important is claiming all eligible business expenses associated with your side hustle. In many cases, these deductions can significantly reduce or even eliminate any tax payable.
- For all taxpayers, ensure that your employer’s income statement is marked as ‘Tax Ready’ or ‘Finalised’ before lodging your return.
While tax returns can technically be lodged from 1 July, we advise waiting until mid-to-late July, when pre-filled data from employers, banks, and other institutions is typically complete. Lodging too early could increase your risk of ATO review or amendment.
At Supertax, we’re here to ensure your tax return is accurate, compliant, and maximises your entitlements. Have a side hustle or gig economy income? Get in touch and let us help you lodge with confidence.
Contact Supertax today to schedule your tax appointment.
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