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tony s.
tony s.
Auburn South, VIC
3 Likes
1 Followers

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?

3 weeks ago

Responses

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.

3 weeks ago

Thanks Todd
The application would be legitimate so thats not an issue
cheers

Hi Tony,

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

cheers

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