Everyone loves a quick tax return, but don’t jump the gun or you could be regretting your haste, the ATO has warned.

The Australian Taxation Office (ATO) is asking taxpayers not to lodge their tax returns until their income statement is marked as “tax ready" and data has been pre-filled.

Waiting until the end of the month to put in your claims for the 2024/2025 tax year is good use of the “precautionary principle”, Assistant Commissioner Rob Thomson said.

Last year, he revealed, a total of 142,000 people who lodged in the first fortnight of July had to lodge amendments or had their returns investigated and amended by the ATO to fix inaccuracies in their tax return, he revealed.

“We know doing your tax return is something to tick off your to-do list each year, but there’s no need to rush,” Mr Thomson advised.

“The best time to lodge is from late July, once everything is ready,” he added.

“We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself,” Mr Thomson said.

Waiting for this information to be pre-filled reduces the likelihood of mistakes or omissions, which can often result in taxpayers having to submit an amendment which can cause issues and delays for taxpayers.

“If you wait until late July to lodge, all you need to do is check your information, add anything that’s missing and include any deductions or offsets that you’re eligible for.”

‘If you’re keen to get your ducks in a row before you lodge, make sure you have all the necessary records, ensure your personal information and bank details are up to date, and check the ATO occupation guides to see what deductions you may be able to claim.”

The ATO also now encourages all taxpayers to download the ATO app and set up a strong digital identity to protect themselves this tax time to ensure their interactions online are safe and secure.

“The app not only allows you to keep records of your work and general expenses, but it will keep your information safe, including notifying you of any suspicious activity on your account,” Mr Thomson said.

Once your employer has finalised your income statement, it will be marked as "tax ready".

Taxpayers can check if their income statement is “tax ready”, as well as if pre-fill is available, in “myTax” prior to lodging or in the ATO app.