Notice of assessments for self employed

Hi guys,

With the continued tightening of mortgage lending are all lenders now for resi loans asking for notice of assessments also now for self employed? Is a tax return not sufficient these days?

 

In short, yes. If you are going full doc as self-employed they will want your NoA to check it is the same as your submitted tax return.

 

NoA is a bit more official. The prepared tax return could be written up with anything you want.

 

Cool. If 2016 has not been lodged yet but 2015 tax return reflects same as noa will that be ok?

 

I would lodge your 2016 tax return and get the loan conditionally approved subject to providing your NoA.

 

Some lenders are still taking 2015's so if you don't have your 16's lodged and are trying to hold off till the last minute, you'll need to use one of these lenders.

 

Draft tax return stating it is in its final form and will be lodged without changes from your accountant will fly with some lenders. If you are waiting on the NOA, evidence from your tax portal showing it has been lodged will suffice too.

 

Depends on the lender what year returns are required. E.g. ANZ i believe will require the new ones, but St G will accept the 2014/15 year for another month or so.

If you want to open yourself up to more lending options, get the 2015/16 year ones done, can get it conditional while awaiting NOA. If you can demonstrate its been lodged, may fly with some lenders too.

 

A accountants letter that categorically specified the return is to be lodged and is final and signed can be an alternative.

 

This does get accepted by a number of lenders - but not all.

 

thanks guys . Do any banks at all accept only the tax returns? Liberty? Peppers?

 

You've asked quite a lot of specific questions across a number of threads - why don't you speak with an experienced broker who can drill down to the exact best option based on your circumstances, than clutching at random options?

If you want to go for a loan without an NOA, you're going to need to go for a lodoc loan.

Better question is, why can't/won't you supply a NOA, it's a pretty easy document in the scheme of things.

 

My accountant is overseas and I cannot find my noa.

 

It would be worth checking mygov. I have tax returns in mygov going back to 2009-10 even though I did not loge through mygov. There is a down arrow at the end of each line and it you click it there is an option to View copy of notice of assessment. I can seen NOAs from 2010 to 2016.

 

Thanks Perth guy. I appreciate your help.