Should You Lodge Your Tax Return Now?

For most people, it's better to wait. MyTax opened on 1 July, but the Australian Taxation Office's (ATO) pre-fill data is usually not complete until mid-August. Lodging early is the main reason people need to amend their returns. Waiting a few weeks now can help you avoid bigger problems later.

Key takeaways

• Pre-fill data arrives in stages. Employer income statements are usually marked "tax ready" from mid-July. Bank interest, dividends, and trust distributions are added through August.
• There are a few changes for your 2025-26 return. GIC is no longer deductible, and there is a new rule for rental property deductions.
• The ATO has shared its focus areas for this year. Rental properties, short-term rentals, and cryptocurrency are all being closely watched.
• The $1,000 instant work-related expense deduction you may have heard about does not apply to this year's return.
• The self-lodge deadline is Monday, 2 November 2026. If you register with a tax agent before then, you can get a later deadline.

What's actually changed this tax time

There are a few important changes for this year's return. It's good to know about them before you start lodging.

GIC is no longer deductible

Any general interest charge (GIC) or shortfall interest charge (SIC) from 1 July 2025 onwards can't be claimed as a deduction, no matter which year the debt is from. Interest charged before that date is still deductible for the right year. Since ATO debt now costs more, check our guide to managing ATO tax debt if this applies to you.

There's a new ruling on rental properties

TR 2026/1 changes how some rental property deductions are assessed. The ATO has also made the rules for holiday home deductions stricter. If you use your holiday home yourself for part of the year, check the new rules before claiming. The details are on the ATO's rental properties page.

Trust distribution data is now pre-filled

Trust income should now show up automatically in myTax, so you don't need to enter it yourself. This is another reason to wait for your pre-fill data before lodging.

The $1,000 instant deduction doesn't apply yet

You might have seen news about a proposed $1,000 instant deduction for work-related expenses. This is real, but it only applies from the 2026-27 income year. The ATO's myTax deductions guidance confirms it isn't law yet and won't affect the return you're lodging now.

If you bought equipment or business assets this year, check how depreciation is handled. This detail is often missed when people focus on bigger changes.

How to time your lodgment so you don't need to amend

The ATO's 'what's new for individuals' guidance is helpful, but timing is what really helps you avoid needing to amend your return.

Here's a general idea of when pre-fill data becomes available:

1. Employer income statements are usually marked "tax ready" from mid-July.
2. Bank interest and dividend data usually arrive from late July into August.
3. Trust distribution information can take even longer, often arriving by August.

If you lodge before your income statement is marked "tax ready," you're more likely to need to amend your return. If you sold an investment property this year, check the clearance certificate rules. The 15% foreign resident withholding rule can also affect Australian residents who haven't provided a certificate.

Check your myGov account before you lodge, instead of guessing if your data is ready.

What the ATO is watching this year

Each tax time, the ATO focuses its data-matching on a few key areas. This year, those areas include:

• cryptocurrency transactions
• short-term rental income
• rental property deductions.

If you have income in these areas, be extra careful with your records before making any claims. The ATO cross-checks these areas with third-party data.

This doesn't mean you shouldn't claim what you're entitled to. Just make sure your records are ready if the ATO asks for them.