Spotting Income Discrepancies Before Submission
Catching an income discrepancy at fact find is much cheaper than having the credit assessor find it later. A handful of quick cross checks catch most issues.
YTD versus declared base salary
Annualise the YTD figure on the most recent payslip and compare it to the declared base salary. Material differences almost always need explanation. Common causes include undeclared overtime, bonuses, or allowances.
Payslip net pay versus bank statement credit
For each payslip, find the matching salary credit on the main bank account. The amount should match the payslip net pay. The employer name in the credit narrative should match the employer on the payslip. Missing credits for a pay cycle that should have been paid are a red flag that needs investigation.
Tax return versus notice of assessment
For self employed borrowers, compare the taxable income on each tax return to the matching NOA. Any difference means either the return supplied is not the lodged version or the return has been amended. Resolve the discrepancy before submission.
Documenting explanations for the file
Every discrepancy that has a legitimate explanation should be noted on the file. A short note to the credit assessor saves hours of back and forth. Attach any supporting evidence like employment letters or bonus confirmations.
Key takeaways
- ✓Run YTD cross checks on every PAYG file
- ✓Match payslip net pay to bank statement salary credits
- ✓Cross check tax returns against notices of assessment
- ✓Document every legitimate explanation in the submission notes
How QualifyMate helps
QualifyMate runs these cross checks automatically, flagging YTD discrepancies, missing salary credits, and tax return mismatches so brokers can resolve issues before lodging.
Key terms
Year to Date (YTD) Income
The cumulative gross income an employee has earned since the start of the financial year, shown on each payslip.
Base Salary
The fixed regular component of a PAYG employee income, excluding overtime, bonuses, commissions, and allowances.
Notice of Assessment (NOA)
A statement issued by the Australian Taxation Office confirming the income declared on a lodged tax return and the tax assessed.
Related guides
Reading Payslips for Home Loan Applications
A practical guide to reading Australian payslips for mortgage applications. What to verify, what to cross check, and what to query.
Reading Bank Statements for Home Loan Applications
How to review Australian bank statements for mortgage applications. Salary credits, expense patterns, undisclosed liabilities, and red flags.
Annualising Year to Date Income Accurately
A practical method for annualising year to date income on payslips. Pay cycle calculations, financial year timing, and common pitfalls.
Reading Tax Returns for Self Employed Borrowers
A practical guide to reviewing Australian tax returns for mortgage applications. Key sections, add backs, and how to verify assessable income.
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