Feeling tempted to lodge your tax return early this year? You’re not the only one. Each year, millions of Aussies rush to submit their returns in the first few weeks of July in the hope of scoring a quick refund. But according to CPA Australia, hitting ‘submit’ too soon could mean you’re missing out on money or making costly mistakes.

Australia’s largest accounting body is warning small business owners, soloists and freelancers to avoid jumping the gun this tax time. Their advice? Take a breath, gather your receipts, and wait for the Australian Tax Office (ATO) to pre-fill your return before lodging.

“Cost-of-living pressures might have you keen to lodge ASAP to get a refund, but firing the starting pistol too early could see you shooting yourself in the foot,” says CPA Australia’s Tax Lead, Jenny Wong.

“There’s a misconception that lodging early means you’ll get your refund faster, but that’s not always the case. Rushing it can lead to errors—and that often means needing to amend your return later, which only slows things down.”

Don’t copy and paste last year’s  tax return

Wong says another common mistake is relying too heavily on last year’s tax return.

“Some people go into autopilot and just copy and paste their claims from the year before,” she says. “But if your circumstances have changed, those claims may no longer be accurate—or you might be missing out on new deductions.”

She recommends taking time to reflect on any new work expenses or changes to how you operate. For example, if you’ve taken on a new contract, travelled more for work, or started using your car or home office differently, those costs could be deductible.

“Think about whether you’ve had to buy tools or tech for work, pay for training, security checks, or new subscriptions. All those out-of-pocket expenses can add up,” Wong says.

Tax time tips from CPA Australia

CPA Australia is encouraging solo and small  business owners to keep the following in mind as June 30 approaches:

Out-of-pocket work expenses: From software subscriptions to trade tools, you may be able to claim these costs—just keep your receipts.

Working from home? You could claim internet, power, office supplies and more. Just make sure you’re clear on whether the fixed rate or actual cost method is better for your situation.

Using your car for business? You’ll need a logbook or diary to back up your business-use claims.

Make purchases before EOFY: If you need work-related items, consider buying them before June 30 so you can claim the deduction this year.

Get your evidence in order: Receipts might be buried in your emails or banking app. Now’s the time to dig them up and get organised.

And what’s CPA Australia final tip: Avoid using AI for tax advice. The peak body recommends speaking with a registered tax agent, especially if you’ve got complex finances like rental properties or crypto.

Professional tax advice is also tax-deductible, and it could save you serious time and money in the long run.

“Getting your tax return right is your responsibility,” Wong says. “That means declaring all of your income and claiming the right deductions. Don’t shortchange yourself by rushing.”

Want more? Get our newsletter delivered straight to your inbox!  Follow Business Builders on Facebook , X , Instagram , and LinkedIn.