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FHLDS and Income Assessment

I'm new

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Hi there,

I'm applying for a home loan under the First Home Loan Deposit Scheme and I believe that one of the requirements is that I have my income assessment from 2019-2020. Is that right?
Is there any way to get access to this within the next few days? Would I have access to it faster if I process my tax through an accountant?

Thanks in advance
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Most helpful response

Former Community Support

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Hi @Ebony15 ,

The eligibility for this scheme is found here. The section of particular importance to you is 'the Income test'. If you haven't already applied it looks like you will need a 2019-20 income tax return to be done. When lodging your tax return through myGov/myTax, you should get it processed between 2-3 weeks, which I don't believe is any quicker than through a tax agent.

However, if there are things you are not sure about related to your tax return, and don't want to or have the time to research these issues, you may consider a tax agent/accountant to lodge it.

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @Ebony15 ,

The eligibility for this scheme is found here. The section of particular importance to you is 'the Income test'. If you haven't already applied it looks like you will need a 2019-20 income tax return to be done. When lodging your tax return through myGov/myTax, you should get it processed between 2-3 weeks, which I don't believe is any quicker than through a tax agent.

However, if there are things you are not sure about related to your tax return, and don't want to or have the time to research these issues, you may consider a tax agent/accountant to lodge it.