Are BAS Statements Required?
Generally with the onset of the financial crisis most low documentary (or simply low doc) loans require Business Activity Statements (BAS). This is to lower the risk that the lender takes with regards the low doc loans. However there are still lenders that do not require you to file your BAS statements, although you need to fall under a certain criteria. What are these criteria you might ask? Here is what is required in order to be exempt from filing BAS statements: First and foremost you need to be self employed, and should be a holder of an Australian Business Number (ABN) for at least two years. Your business should likewise have an annual income of at least AUD$75,000.00, and be registered under the Goods and Services Tax or (GST). You should also be a good debtor, paying all debts on time, and should have no record of having made adverse payments. Finally the no BAS rule applies only to loans up to 80% of the value of the property being mortgaged. If your business does not fall un
