Will my declared income on a bank home loan application be data matched with the ATO?
So does the ATO receive information from banks about income declarations in loan applications?
The banks do not, to the best of my knowledge, do data matching or reporting to the ATO (all personal information that cannot be confirmed by the ATO).
You may find that the bank requires confirmation of your incomes though - notice of assessment generally, though they may be prepared to accept an accountant prepared set of numbers (accountant would then be confirming the accuracy of those numbers, so will need to be accurate).
Sorry, but if you are hoping to dodgy up the application, you are likely to be caught out. Further, you may ruin your name with that bank (and maybe broker). Compliance requirements may put the broker in trouble.
Todd is right mate, the ATO wont match your application to your return.
The bank, however WILL, but as you have already stated, as long as you are accurate the bank wont make a fuss.
The ATO already has a thousand ways to data match peoples incomes, and I suspect that loan applications wont help their cause much at all
Hi all, I'm a finance broker. I wanted to make a comment about low doc requirements and the ATO. So, no, the ATO won't be provided with income information. However, they can request it from a lender for auditing. It's not usually for a single application; however it would often be as a review audit.
I haven't had it happen in the 20 years of lending. However, it can happen. It used to be a conversation discussed with low doc clients. However these days there's less of a requirement because income from NCCP coded low doc loans must be verified. The income dec forms of old are only used now through private funding arrangements which are for business purpose loans. Here's an article I wrote on Business loans such as caveat and second mortgage loans https://www.loansaver.com.au/caveat-loans/ - there another page on second mortgages as well. However, they again are only for business purpose, and the pricing isn't suitable for any other consumer purpose. I hope this helps.