Self employed needs full tax returns?

[mitchanam]

Are there any banks that will take the 2011 and 2012 Notice of Assessment instead of wanting the full tax returns that were submitted to the ATO?

I did it through etax and don't have it anymore. Any ideas?

 

[Aaron_C]

You can usually print off your e-tax returns as they are saved on your PC.

If not, you can request that the ATO send you your tax returns in the snail mail. See http://www.ato.gov.au/content/downloads/ops00239822.pdf

Otherwise you will have to go lo-doc most likely...what is the situation?

 

[Rolf Latham]

Are there any banks that will take the 2011 and 2012 Notice of Assessment instead of wanting the full tax returns that were submitted to the ATO?

I did it through etax and don't have it anymore. Any ideas?

yup

at 80 % LVR

ta
rolf

 

[mitchanam]

@Aaron: Thanks for the form, appreciate it. 28 Days is a long time to wait though, as in middle of subject to finance now.

@Rolf: Yes I am doing 80% LVR, but Homeside still want the full Income Tax Return! What bank can do this?

 

[Aaron_C]

Are you registered for GST? Do you have the 2010 tax return? It can be done....not with Homeside though, that's for sure.

 

[Rolf Latham]

@Aaron: Thanks for the form, appreciate it. 28 Days is a long time to wait though, as in middle of subject to finance now.

@Rolf: Yes I am doing 80% LVR, but Homeside still want the full Income Tax Return! What bank can do this?

Hi Mitch

tell your broker to look at the WBC fast track process.

Word of warning though, if there is any neg gearing in your deal etc as in the tax rtns, the deal wont fly

ta
rolf

 

[mitchanam]

@Aaron: I'm not registered for GST but yes have 2010 Notice of Assesment though it shows a bit lower income than this year. Can you recommend a bank?

@Rolf: Thank you, I will try Westpac. Hopefully there will be less hoops to jump through.

 

[nww]

Just went through this today, cant find 2010 tax assessment.
Rang ATO and they gave me two options.
1. Have it sent, told 5 working days
2. Can be printed out at one of their office fronts.

Check there website if you have one close by.

They will not send it to you via email.

 

[Shahin_Afarin]

Westpac made a change last week whereby they only require the last 2 years NOA's (i.e. for 2010 and 2011).

You need to ensure that you have the borrowing capacity without addback incomes or existing rental income used in your tax returns for the previous years.

However you can use rental income on proposed/new investment purchases.

You need a lot of paperwork for the other lenders. Would make life easier if CBA and the rest of lenders would do this.

 

[Rolf Latham]

Westpac made a change last week whereby they only require the last 2 years NOA's (i.e. for 2010 and 2011).

wednesday 2002 : )

Fast track has been around for ages, just not as fast track as one would hope

ta
rolf

 

[Shahin_Afarin]

There is so much paperwork re self employed applicants its not funny. What's even more frustrating is the time it takes for some accountants to provide the paperwork. It's extreme hair pulling.

 

[mitchanam]

Westpac made a change last week whereby they only require the last 2 years NOA's (i.e. for 2010 and 2011).

Wow thats good! Will 2011 and 2012 NOA's work?

Can I apply directly or must be through broker?

 

[Rolf Latham]

Wow thats good! Will 2011 and 2012 NOA's work?

Can I apply directly or must be through broker?

U can go direct...............best to run through your broker that has all the other stuff ready to go

Be aware that WBC have been silly enough in the past to lodge a deal at retail that doesnt service .........and thus sully your credit file.

Make sure it services first, homeside serviceability can be much better than WBC which is why your broker may have taken you in that dirn in the first place.

ta

rolf

 

[Shahin_Afarin]

Either should be ok but make sure you service and do the general checks before submitting your application so that your credit is not affected.

 

[Marty McDonald]

Westpac made a change last week whereby they only require the last 2 years NOA's (i.e. for 2010 and 2011)..

Hmm bit curious.

 

[tobe]

I must have missed that memo too. I know they use either employers letter or group cert at 80%, and they have been for a long time. Im not aware of the NOA change....

 

[mitchanam]

Will I need to have an ABN?

 

[Rolf Latham]

technically no

what do you do for income ?

ta

rolf

 

[Spectre]

regardless of the NOA you may find on either direct or broker channel that they'd be looking for tax returns for at least 2012 plus YTD trading account statements and wage deposits/drawings to your personal account.

 

[Rolf Latham]

regardless of the NOA you may find on either direct or broker channel that they'd be looking for tax returns for at least 2012 plus YTD trading account statements and wage deposits/drawings to your personal account.

nah

believe it or not

ta

rolf