Notice of assessment
The ATO's official statement of your tax position for a year, issued after your return is processed.
Your notice of assessment confirms your taxable income, the tax charged, credits applied, and the resulting refund or amount payable. It is the formal outcome of lodging your return.
It is also a document you will be asked for repeatedly. Lenders assessing a mortgage application, particularly for the self-employed, routinely require the last two notices of assessment as proof of income.
Receiving one does not mean the ATO has audited or verified your claims. Assessments are largely automated, and the ATO retains the right to review and amend for a period afterwards — generally two years for simple affairs and four in more complex cases.
What lenders ask for
A self-employed borrower is typically asked for two years of tax returns plus the matching notices of assessment, because the notice is the ATO's confirmation that the return was accepted.
The bit people get wrong
An assessment is not approval. If a deduction is later found to be incorrect, the ATO can amend the assessment and recover the difference with interest, even years after you received the refund.
Common questions
Where do I find my notice of assessment?
In the ATO section of myGov under your lodgment history. Copies of prior years are available there too, which is usually faster than requesting them from a tax agent.
What if I disagree with my assessment?
You can request an amendment if you made a mistake, or lodge a formal objection if you disagree with the ATO's position. Time limits apply, so act promptly.
How long should I keep mine?
Keep at least five years of assessments and the records behind them. If you own property or shares, keep the related records until five years after you eventually sell the asset.