Why do I need to provide my Payment Summary OR Full Tax Return and Notice of Assessment

​When we are assessing an application for finance, we generally align with the banks and what they request in support documentation in assessing an application for finance.
 
While clients often have ready access to their latest 2 payslips, they sometimes need to go digging a little to find the last 1-2 years of income history for us, being likely what the banks will ask for, and sometimes some confusion as to the difference to a Notice of Assessment, a Payment Summary / Group Certificate, and a Full Tax Return.
 
For context, the difference between the ATO notice of assessment, and the tax return, is that the ATO notice of assessment reflects your taxable income after deductions, not your gross income and the sources it came from. The banks also use the Notice of assessment as proof that what is lodged with your tax return, is in fact what the taxation office actually processed.
 
The full tax return is comprehensive, in providing detail of who you are, where you lived, dependants, health insurance premiums paid, and gross income earned and the businesses earned from. It also details what tax concessions you received, and what tax deductions were claimed.
 
I have attached an example (thanks google!) of each for your reference.
 
The banks will either accept a copy of the PAYG / Group Certificate / Payment summary for the year, OR tax return + ATO notice of assessment.
 
You may be able to download your Payment Summary from here also:
https://www.ato.gov.au/individuals/working/working-as-an-employee/accessing-your-payment-summary/
 
The motivation behind asking for this additional information, is to:

1. Understand if your base income has changed over the last few years
2. If you are receiving any bonus or commission income, demonstrate how this has performed over a longer period than the last couple of months, to look at the average annual outcomes
3. To differentiate between your taxable income (after you throw every deduction you possibly can at your gross income) and your gross income (which we will use in your assessments
4. Confirm that the tax return supplied is indeed that the ATO received, and assessed

 
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