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Why lodging your tax return during the next fortnight could get you in big trouble with the law

Australians who lodge their tax return in coming weeks – hoping for a $2,580 refund to help with the cost of living pressures – could find themselves in trouble with the law with mistakes more likely.

The July 1 start of the new financial year is often taken as a sign individuals should submit their annual tax returns without delay to get their tax rebate.

Middle and average income earners are getting back $1,500 in tax offsets on top of another $1,080 in tax cuts introduced by the previous Coalition government.

With inflation running hot, everyday Australians would be hankering for $2,580 worth of tax relief to cope with surging costs of living. 

Many employers, however, are yet to submit the earnings of their staff to the tax office.

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