While the new financial year may have brought on excitement at the thought of a tax refund, Australians are warned not to rush with lodging their returns.

About 14 million Australians are due to submit their returns in the coming weeks but the Australian Tax Office (ATO) says it’s not always best to get in early.

Here’s why and when you should jump in.

When can I lodge my tax return?

You can lodge your tax return for the 2023/24 financial year now.

But that doesn’t mean you should rush to get it in.

The Australian Tax Office actually recommends waiting a few weeks.

Why is it better to wait?

ATO Assistant Commissioner Rob Thomson said people who lodge in early July are twice as likely to make a mistake on their return.

“There is a much higher chance that your return will be missing important information if you lodge in early July,” he said in a statement.

“This is particularly relevant if you are receiving income from multiple sources.

“We see lots of mistakes where people who rush to lodge early have forgotten to include interest from banks, dividend income, payments from government agencies and private health insurance details.”

To avoid mistakes like this, the ATO can pre-fill many details for you, but it takes them a few weeks to collect the information.

How do I know when the ATO has finished collecting information?

Your income statement — a summary prepared by your employer of your salary and taxes paid for the year — will be marked as “tax ready”.

This will be shown when you log into the ATO’s Online Services and begin preparing your tax return.

“Once the information we collect is available, all you need to do is check it and add anything that’s missing,” Mr Thomson said.

What happens if I’ve made a mistake on my return?

If you realise you’ve made a mistake after lodging your return, you can submit a request to have it amended.

This can be done through myGov or the ATO app, by sending a letter or through your tax agent.

• You can find instructions on how to request an amendment here