Is it better not to file tax now?

I am self-employed and I know my income for 2014 will be slightly less than 2013. Would it be better for me not to file tax returns until Jan/Feb next year so that I don?t have to show my 2014 income.
Lenders have any cut of dates from which they would ask for 2014 tax returns?
 
I am self-employed and I know my income for 2014 will be slightly less than 2013. Would it be better for me not to file tax returns until Jan/Feb next year so that I don?t have to show my 2014 income.
Lenders have any cut of dates from which they would ask for 2014 tax returns?

Most lenders are ok with 12S and 13s. Till late this calendar year

Some are ok to May and one even to jun 15 I recall

Ta

Rolf
 
Thanks Rolf. What if I do a pre-approval in Dec, would this pre-approval be valid for further 6 months?

Most lenders pre-approvals are valid for 90 days, but there are some exceptions. Also keep in mind that even with a pre-approval they can request new documentation at a whim, this is the sort of thing that might just trigger that whim.
 
Thanks Rolf. What if I do a pre-approval in Dec, would this pre-approval be valid for further 6 months?

I wouldn't risk it.

I wouldn't be surprised if they ask for 2013/14 figures when you go to convert it to formal - unless it's a lender that takes older financials well into 2015.

Cheers

Jamie
 
I wouldn't risk it.

I wouldn't be surprised if they ask for 2013/14 figures when you go to convert it to formal - unless it's a lender that takes older financials well into 2015.

Cheers

Jamie

Come 1 jan most want the figures for the year ended 30 june 6 months beforehand. There are Exceptions. Some pre approvals don't require updated anything in the 3 months they are valid some do. There is probably a solution there but may be out weighted the appropriateness of the loan of course.
 
File it and explain it. Better to be prepared with the latest returns than to be caught short having to explain why you haven't lodged especially if there's no good reason not to prepare the return.

We usually have our return prepared in advance and the accountant sits on it until it needs to be lodged if there's tax owing or lodged earlier if there's any refund due.
 
I have seen a spate of clients seek urgent tax prep when buying an IP. Then their problem can be compounded if there is a unfunded tax debt as a result.

More a problem if 2013 hasn't been lodged. Lenders don't like arrears for any reason.
 
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