Quick answer
Assessors query two kinds of oddity: money they cannot account for and details that do not match across documents. Scan your statements for large or unusual credits and caption each with a line of explanation. Check names, addresses, ABN, ACN and dates across every document, and add a short note wherever a difference is legitimate. A caption costs a line; a query costs days.
Key points
- Two types of oddity: unexplained money and mismatched details.
- Caption large or unusual credits in a line each.
- Compare names, addresses, numbers and dates across the whole pack.
- Legitimate differences just need a one-sentence note.
- Two checks
- Money you can't account for; details that disagree
- Fix
- A one-line caption per item
- Cost of not fixing
- A query round, which can stall the file
Why do oddities slow a file?
Because every oddity becomes a question, every question becomes an email, and every email waits on you. A file that could have moved forward on day one sits idle while someone asks whether “J. Smith Plumbing” and “Smith Plumbing Services Pty Ltd” are the same entity, or what the large credit on 11 March was.
Neither question is hard to answer. Both are expensive to leave open. The fix is to find them first, which takes about an hour with the pack in front of you.
How do I find unexplained money?
Scan the credits on each business statement, and pick out anything that is any of the following.
- Large: well above a typical day’s or week’s takings.
- Round: an even sum often means a transfer or a loan, not a sale.
- From an individual: a person’s name rather than a customer’s.
- Out of pattern: a credit in a month that otherwise looks regular.
- From another of your own accounts: a transfer, not income.
Write one line for each. Use a table, because tables are quick to read.
| Date | Amount | What it was | Evidence |
|---|---|---|---|
| 11 March | Large | Customer paid an overdue invoice | Invoice no. and remittance |
| 2 June | Round | Family loan to cover stock | Signed note |
| 14 August | Medium | Supplier refund | Credit note |
That single page, attached as file 00 or tucked into the summary, answers most of the questions an assessor would have asked.
What mismatches should I look for?
Lay your documents out and compare them in this order.
| Check | Compare | Common difference |
|---|---|---|
| Legal name | ID, ABN record, ASIC extract, bank account, BAS | “Pty Ltd” missing; trading name used |
| Numbers | ABN, ACN, TFN references | Typos; old entity numbers |
| Address | ID, ABN, ASIC, statements, rates notice | Move not updated everywhere |
| Dates | Start of trading, ABN registration, first statement | Years of difference with no note |
| People | Directors on ASIC vs signatories vs IDs | Recent resignation or appointment |
ABN Lookup shows the entity name, ABN status, GST registration and historical trading names, so it is the quickest source of truth. For companies, the ASIC register search shows the registered details and officeholders.
Illustrative example. A café company applies. The ID shows a former surname, the bank account carries the trading name only, and the ASIC extract lists a registered office from two years ago. Three mismatches, each innocent. The owner adds a half-page table listing the three differences and the explanation for each, and the assessor passes through the identity check without a single email.
Which differences can I just explain, and which must I fix?
Explain when the difference is real and legitimate: a name change after marriage, a trading name alongside the legal name, a move of premises. Fix when the record is simply out of date or wrong: an address still showing the old premises, a bank account in a name that no longer exists, a typo in a number.
Updating a record at its source (the ABN details, the ASIC registered office, the bank’s account name) takes a short time, but it is worth doing before you lodge, because the corrected records then agree on their own.
What about trusts and companies?
The same checks apply, with extra care. For a trust, the ABN record should show “The Trustee for…” in the name, and the bank account and BAS should use the same form. For a company, the officeholders on the extract should match the people named in the application. The trust document pack covers the detail.
Is there a sensible time to do all this?
Just before you assemble the pack, as the final check on the ten-point list. It takes a lot less time than answering five queries by email, and it removes one of the main causes in what stalls a file.
What are the most common deposit stories?
Almost every unusual deposit falls into a short list.
- A customer paid early or late, shifting revenue between months.
- An owner top-up, where the owner moved personal savings into the business to cover a gap.
- A loan, from a family member, a friend or another lender.
- A refund, from a supplier, a tax authority or an insurer.
- A transfer between your own accounts.
- A sale of an asset, such as a vehicle or equipment.
Each has a standard caption and a standard piece of evidence. A customer deposit points to an invoice and remittance. A loan points to a signed note or a loan statement. An asset sale points to a sale agreement. If you can match each deposit on your statements to one of these stories, your caption table writes itself.
What if I genuinely do not know what a deposit was?
Find out before the assessor asks. Check your invoices around the date, your accounting software and your customer list. If it still does not resolve, ask the bank for the transaction detail, which often names the payer. An unexplained deposit that you cannot identify is a real problem, because it may be someone else’s money or a payment you have not recorded. Resolve it with your accountant first and then caption it with confidence.
Ready to lodge?
With your oddities captioned and details aligned, lodge a free enquiry. It takes about a minute, does not touch your credit file at this stage, and goes to one real person, not a crowd of lenders.
Enter your details on the form exactly as they appear on your ABN record or ASIC extract. Accurate, matching answers are the quickest route to a first call that is about the loan, with your clean pack ready to follow.
Frequently asked questions
What counts as an unexplained deposit?
Any credit that is not obviously revenue and that stands out: a large amount, a round figure, a transfer from an individual, a loan, a refund. If you would wonder about it, an assessor will.
What if the deposit came from family?
Say so, state whether it is a gift, a loan or an investment, and attach whatever paperwork exists. Family loans are common in small businesses and are fine when disclosed.
Why do small name differences matter?
Verification checks match records exactly. A missing 'Pty Ltd', a trading name used instead of the legal name or a former surname will all trigger a query. A one-line note usually resolves them.
How do I check my own details?
Compare ABN Lookup, the ASIC extract (for companies), your ID, your bank account name and your BAS. ABN Lookup is free and shows the entity name, ABN status and GST registration.
What if the mismatch is real, not just wording?
Then it needs fixing at the source, for example updating the ABN record or the bank's account name. Do that first, then lodge with the corrected documents.