ATO pre-fill data tops 100 million records
The Australian Taxation Office has opened tax time lodgments with more than 100 million pieces of information ready to pre-fill individual returns.
Those records come from employers, banks, private health insurers, share registries and government agencies.
ATO Assistant Commissioner Anita Challen said taxpayers with straightforward tax affairs can now lodge through myTax or a registered tax professional.
“For those who have been patiently waiting to lodge, most income statements and pre-fill information is now available,” Ms Challen said.
Before submitting a return, taxpayers should check pre-fill data, declare all income and claim only deductions they are entitled to claim.
Ms Challen warned that each tax return is a legal declaration that the information is true and correct.
The ATO warned against overclaiming deductions or inflating expenses because its data-matching and analytics can quickly identify claims that do not stack up.
According to the ATO, it may hold a refund for further investigation if a claim looks suspicious.
Taxpayers also need to report income from side hustles, cash jobs, rental properties, online activities and content creation.
If income is left out, the ATO may amend the return and the taxpayer may have to pay interest and penalties.
Another ATO warning covers copying and pasting claims from earlier returns when a job or personal circumstances have changed.
People should also avoid relying on artificial intelligence platforms, finfluencers, family or friends unless they verify the advice with the ATO or a registered tax professional.
The newly announced $1,000 standard work-related deduction does not apply in Tax Time 2026 and starts in Tax Time 2027.
Before lodging, taxpayers should update personal details, bank details and super information.
The ATO also advises people to review its industry and occupation guides to check what they can claim and which records they need.
Taxable Payment Annual Report expansion
This year, the ATO is expanding pre-fill services to include income reported through the Taxable Payment Annual Report.
As a result, some contractors may see that income added to their tax return from late August.
The change may affect taxpayers in building and construction, cleaning, courier services, information technology, road freight and security services.
A copy of the announcement in Vietnamese was attached to the ATO announcement.
