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Can my accountant send financial information directly to a third party?

Your accountant can send your investment manager, mortgage consultant, or bank manager, the following information on your behalf:

  1. Income tax returns
  2. Notices of assessment
  3. Financial statements
  4. Business activity statements
  5. Accountant’s letters

Your accountant stores these documents in a filing cabinet and can speed up your loan approval process by sending any or all of these documents directly to your mortgage consultant via email, facsimile or mail.

Your lending institution will require financial information from you to ascertain your taxable income and ensure you can meet the loan repayments. This is a precautionary measure taken by the banks.

If you have fallen behind in submitting tax returns to the Australian Taxation Office you will need to catch up on your taxes.

Your accountant should have the following documents available for your retrieval, if you require them:

1) Income tax returns

Your income tax return will show your taxable income for the relevant income year.

2) Notices of Assessment

An assessment notice shows your taxable income and the amount of tax payable. It is the official notice served on you by the Commissioner of Taxation. It specifies the Medicare levy and the Medicare levy surcharge payable (if applicable). It shows the official tax calculation for the relevant income year. 

3) Financial statements

Your mortgage consultant may request a set of financial statements such as profit and loss statements, balance sheets and statements of cash flow. Your accountant often stores these documents on computer and can easily send them to your mortgage consultant.

4) Business activity statements

Your accountant can quickly access previously submitted business activity statements.
If you are registered for GST you will need to regularly submit business activity statements. Lending institutions will often require business activity statements in order to develop a clear understanding of your business’ performance. An activity statement is a legal form submitted to the Australian Taxation Office summarising the key figures in your business.

5) Accountant’s letter

An accountant’s letter is a letter written and signed off by a qualified accountant. A qualified accountant belongs to a professional accounting body and has attained a specific membership classification. The letter is printed on your accountant’s letterhead and states your taxable income, or alternatively, your projected taxable income. The letter is useful if you haven’t submitted a tax return for a particular income year


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