ATO Warns Taxpayers: Don’t Lodge Yet!
The Australian Taxation Office (ATO) is warning taxpayers not to lodge their tax returns until their income statement is marked as ‘tax ready’ and data has been pre-filled by the ATO.
Last year 142,000 people who lodged in the first 2 weeks of July had to lodge amendments, or had their returns investigated and amended by the ATO to fix inaccuracies in their tax return, for example, income that had not been declared properly.
ATO Assistant Commissioner Rob Thomson said that waiting until late July allows for the ATO to prefill information in your tax return.
‘We know doing your tax return is something to tick off your to-do list each year, but there’s no need to rush. The best time to lodge is from late July once everything is ready.’
‘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 is also encouraging taxpayers to download the ATO app and set up a strong digital identity to protect themselves this tax time to ensure your 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.
✅ Tips on When to Lodge Your Tax Return
1. Wait Until Late July for Pre-fill Accuracy
The ATO receives most data (income statements, bank interest, dividends, private health insurance, etc.) from employers and institutions by late July. Lodging before then increases the risk of missing information — and possibly triggering an ATO amendment.
2. Check That Your Income Statement Is ‘Tax Ready’
Your employer must mark your income statement as “Tax Ready” in your myGov account before lodging. If it’s not yet marked, don’t lodge — it may still be incomplete.
3. Confirm All Investment & Government Income Is Included
Ensure you have details of bank interest, share dividends, rental income, and Centrelink payments (if applicable). These often take longer to be reported to the ATO and pre-filled.
4. Review Private Health Insurance Details
Wait until you receive your private health insurance statement — it’s required to accurately claim rebates or report surcharges.
5. Let Us Help You Cross-Check
If you’re unsure whether your information is complete, reach out and we’ll review your file before lodgment to ensure everything is in order.
6. Avoid Amendments by Lodging Right the First Time
Last year, over 140,000 early lodgers had to make amendments. Lodging too soon can lead to extra time, stress, and unwanted ATO attention.
📌 Our Tip: Unless you’re confident everything has been reported, it’s safest to wait until late July or speak with us first before lodging.
Fee Updates for FY2025: What’s Changing?
ASIC Fee Updates
ASIC has announced a revised schedule of company related fees, which will take effect from 1 July 2025. These changes are part of ASIC’s annual adjustment process and apply to a range of commonly used forms and services. This update provides a breakdown of the new fees affecting company registration, annual reviews, company name reservations, late payments, and deregistration. These changes are relevant to all professionals handling company compliance including accountants, ASIC agents etc. All revised fees will apply to lodgements made on or after 1 July 2025, regardless of when the documentation or payment was prepared.
Annual Review Fee for Proprietary Companies
ASIC’s annual review fee for proprietary companies is also increasing—from $321 to $329.
The annual review is a compulsory process for all registered companies and includes the issue of a Company Statement, a review of the company’s details on the ASIC register, and a confirmation of solvency. No separate form is lodged unless there are updates to the company’s information. The updated fee will apply to any company with an annual review date on or after 1 July 2025. This is a fixed cost, payable each year, regardless of whether the company is actively trading or dormant. Companies that fail to pay this fee on time may also incur late payment penalties.
Annual Review Fee for Special Purpose Company
The ASIC annual review fee for a special purpose proprietary company will increase from $65 to $67 from 1 July 2025. Under the Corporations Act 2001, a special purpose company includes one that is formed solely to act as the trustee of a regulated superannuation fund, such as a self-managed superannuation fund (SMSF).
Business Name
From 1 July 2025, ASIC will apply revised fees for business name services:
- 1-year registration or renewal: increasing from $44 to $45
- 3-year registration or renewal: increasing from $102 to $104
These fees apply to both new and renewed business name applications submitted on or after the effective date.
Voluntary Deregistration (Form 6010)
ASIC’s fee for voluntary deregistration will rise from $49 to $50.
This applies when lodging Form 6010 – Application for voluntary deregistration of a company. It is most commonly used for solvent companies that are no longer needed by their directors or shareholders. To be eligible for deregistration under Form 6010, the company must meet specific conditions, including having no assets over $1,000, no outstanding liabilities, no involvement in legal proceedings, and the written agreement of all members.
All fee changes are part of ASIC’s standard indexation process and are reviewed annualy.
The full announcement regarding ASIC’s 2025–26 fee changes is available on the ASIC website. You can access the update here: ASIC fee indexation | ASIC
Vision Consulting Group: Individual Tax Return Fee Update
As we enter the new financial year, we’d like to inform you that our fee for a basic Individual Tax Return will increase to $250, effective 1 July 2025.
After holding off on any fee changes for the past few years, we’ve now had to review our pricing in light of rising compliance demands and the increasing complexity of tax reporting. This adjustment ensures we can continue delivering the thorough, personalised service you’ve come to expect — while also keeping pace with the evolving standards set by the ATO.
The updated fee covers a comprehensive review of your tax position, ensuring your return is accurate, fully compliant, and lodged with confidence. For tax returns that involve more complex matters (such as rental properties, sole trader income, or capital gains), a tailored quote will be provided as usual.
We truly value your continued trust in us and we’re committed to supporting you every step of the way this tax season.
If you have any questions or would like to clarify your individual circumstances, please feel free to get in touch with us.
Let’s make this tax season smooth and stress-free — together.
Setting Strong Goals for a Successful Year
The new financial year is a new beginning. As a business owner this a great time for you to reflect on where you are at and think about your business goals for the financial year ahead.
Setting goals is an essential part of personal and professional growth. These could be lofty goals, or even setting out a plan to achieve some more mundane (but equally important) projects. Whether that is getting paid faster, reassessing expenses or bigger things like automation of processes and new markets. You may be looking to expand your business or create more time for yourself.
Having a clear vision and actionable goals can help you achieve your long-term plans. Here are some tips to get you started:
- Envision your future: Reflect on what you truly want from your life and how your business can help you achieve those aspirations. Consider where you want your business to be in the next five or ten years. Having a clear endpoint in mind will make it easier to set goals that align with your vision.
- Set measurable goals: Vague goals can be challenging to track and evaluate. Instead, focus on setting goals that are measurable. Think about the key metrics you already monitor in your business and how you would like to see them improve. For example, aim for a 3% increase in net profit year-on-year, a 2% reduction in expenses, or acquiring two new customers per month or grow your prospect database by 50%. If you set specific targets, you can easily track your progress and make adjustments as needed.
- Develop a plan for each goal: Once you have identified your goals, it’s crucial to create a plan of action to achieve them. This can be as simple as jotting down your ideas or engaging in a brainstorming session with your team or advisors. Having a well-defined plan in place will help you stay focused and motivated to follow through.
- Monitor your progress regularly: It’s essential to regularly check in on your progress towards your goals. Set reminders on your calendar or align your monitoring process with your invoicing cycle. By consistently evaluating your progress, you can identify any areas that need improvement or come up with fresh ideas to help you reach your targets.
- Celebrate your achievements: Celebrating milestones along the way is crucial for maintaining motivation and momentum. Plan a reward for yourself when you achieve a significant goal. It could be treating the team to a morning tea, having a day out of the office together or planning an event for the end of the year. Choose something that brings you joy without breaking the bank.
Not sure how to get started?
We can help you with the strategy and identifying the information you’ll need to track, so you can monitor your progress.
Setting goals is just the first step. By implementing these tips and staying committed to your vision, you can turn your long-term plans into reality.
