How to get your last two years of tax returns

Why do lenders ask for two years of tax returns?

A tax return is a yearly summary of what you earned and what you claimed. Two of them side by side show direction: is income rising, flat or falling, and how stable is it? For people who run a business or earn income that is not simply a wage, that history is often the main evidence of repayment ability.

Employees are asked for them less often, though some loans and lenders still do. The safest approach is to have two years of returns and the matching notices of assessment on hand before the first conversation. It turns a slow, drip-fed application into a fast one.

How do I view my lodged returns in myGov?

The ATO sets out the steps for individuals and sole traders in ATO online services. You first need a myGov account linked to the ATO. Then:

1. Sign in to myGov and open the ATO.
2. Go to Tax.
3. Select Lodgments.
4. Select Income tax.
5. Select History.
6. Choose View details for the year you need.

To keep a copy, print or save the page. The ATO notes that a screen titled Customer Copy Only appears when you do. Save each year as a PDF, named clearly, for example 2024-25-tax-return.pdf.

Which two years do lenders usually mean?

Lenders generally want the two most recently completed financial years. Because Australian tax years run from 1 July to 30 June, the exact pair depends on when you apply and whether your latest return has been lodged and assessed. Early in a new financial year, the most recent return may still be a few months away from being lodged.

If you are applying soon after 30 June, tell your broker whether you have lodged the year just ended. Some lenders will look at the year before and a year-to-date position instead, depending on circumstances. Those choices belong to the lender, so check before assuming.

How far back can I see returns online?

The ATO says individuals and sole traders can view and print lodged income tax returns and notices of assessment from 2010 through online services. That is more than enough for a standard loan application.

For earlier years, the ATO says to phone 13 28 65. It also notes that the phone route is needed if you cannot register for myGov. The online request form is not available to individuals and sole traders, so a call is the path for anything pre-2010.

What about companies, trusts and partnerships?

If your income runs through a business structure, the process changes. The ATO says non-individual entities such as companies, super funds, trusts and partnerships can get returns and notices of assessment from 2010 using Online services for business. Older records need the request form.

Tax agents can also access client copies through Online services for agents. If you have an accountant, they can often send the full set faster than you can find it. Our guide on how much you can borrow when self-employed explains how lenders then read those returns. Where lodging the company’s own return is the sticking point, tell your broker early.

What if I have not lodged a return?

This is more common than people admit, and it is fixable. Lenders will want to see lodged returns, because an unlodged year leaves a hole they cannot assess. Start by lodging the missing returns or asking your accountant to. If you also owe the ATO, the debt itself becomes part of the picture.

The ATO debt side of lending is its own topic. Our guide on ATO debt and your property and the page on home loans when you owe the ATO explain the realistic options. Borrowers in this spot are not alone, and a clear plan often reads better than a hidden problem.

What do I do if returns do not tell the whole story?

Sometimes the returns show low taxable income because of deductions, depreciation or a business that is growing. Lenders may then look further, at business activity statements, accountant letters or bank statements. Alternative documentation loans exist for these cases, and our page on low doc loans explains how they work. Whether one suits depends on the lender and your circumstances.

How should I check the return before sending it?

Take a minute to review each page:

Check	What to look for
Name and tax file details	Correct and matching your ID
Year	The right financial year in the title
Total income	Matches your own records
Deductions	Reasonable and consistent with your occupation
Taxable income	The figure lenders often use as a starting point

If anything looks wrong, speak to your accountant before the lender sees it. An amendment is better done early than explained late.

What mistakes should I avoid?

• Sending an unsigned draft. Use the lodged copy from the ATO, not a work-in-progress.
• Mixing up lodged and assessed. A return is lodged first, then assessed. The assessment is shown in your notice of assessment.
• Forgetting the notices. Our guide on your notice of assessment explains why lenders usually want both.
• Leaving it to the last week. If an accountant has to prepare a late return, that takes time.
• Hiding a debt. Lenders can often see tax debts in the paperwork.

How is a worked example shaped?

This is illustrative only, with no real person. A sole trader applies in October. She signs in to myGov, opens History and finds her last two returns, both lodged and assessed. She saves both as PDFs, then adds the two notices of assessment and an accountant’s brief note about a one-off equipment purchase that lowered last year’s taxable income.

Her broker puts the pack together and chooses lenders whose policies fit self-employed income with a recent purchase. The lender gets a story, not just numbers. Nothing is guaranteed, but a clear file is the best starting point.

What should be ready before I talk to a broker?

• Your last two lodged returns saved as PDFs.
• The matching notices of assessment.
• Any activity statements for the current year if you are in business.
• Details of any tax debt or payment plan.
• Your accountant’s contact, if you use one.

If you want help working out which lender suits your documents, use our apply page or call 03 7043 7233. Ownright Custom Finance arranges finance Australia-wide, and our director Trevor Scott has decades of experience reading files like yours. For self-employed borrowers in particular, see our self-employed home loans page.

Is it time to see where you stand?

Sounds like you’re looking to get a loan with your tax paperwork in hand. We’re the lending experts in self-employed and tax-return-based lending, so click here to see if you qualify. We will look at what is available once we know the full picture.