As a partner, knowing the ins and outs of common business finance documents means you can cut through the noise, spot what really matters, and get your clients' applications over the line sooner. This glossary breaks down the must-know forms and reports so you’re always one step ahead, ready to back your clients with confidence.
Financial statements and reports
Financial statements - Financial year
Typically prepared by an accountant, business financial statements are used to assess the business performance and to check servicing of the proposed loan.
Financial statements - Interim/Year-to-date
Business financials from the end of the previous financial year until the current date.
Forecast - Cash flow
Cash flow forecasting is the process of estimating the flow of cash in and out of a business over a specific period of time. An accurate cash flow forecast helps companies predict future cash positions, avoid crippling cash shortages, and earn returns on any cash surpluses they may have in the most efficient manner possible.
Forecast - Financial statements (P&L, BS & CF)
Forecasts or projections of all documents that fall under financial statements, which include the profit & loss statement (P&L), balance sheet (BS), and cash flow forecast (CF).
Aged payable listing
The aged payables report displays the total amount owed to suppliers based on the number of days that have occurred since the invoice date.
Aged receivable listing
An ageing report (AR) segregates the past due date invoices in date ranges (like 30 days) from the day the invoice was issued to the customer. An AR helps determine the effectiveness of credit and collection functions and identifies existing irregularities in the collection process.
Commercial credit file
This is the soft commercial credit file that is requested prior to submission. This report will show any enquiries made by the applicant, any defaults, arrears, and/or court judgements. It will also show three credit scores Veda1.1, comprehensive and negative scores.
Credit submission
A credit submission/paper is usually required for complex working capital deals to assist the credit analyst in understanding the overall profile of the applicant. It usually includes a business summary, financial position, business outlook, supporting information, and risk mitigants.
Tax and compliance documents
Business activity statements (BAS)
A business activity statement (BAS) is an Australian Taxation Office (ATO) form issued to all GST-registered entities. It reports a business’s goods and services tax (GST) activity for the period. Where required, the BAS also reports your PAYG withholding obligations, fringe benefits tax obligations, and any PAYG income tax instalments that may apply to your business.
Most BAS are issued quarterly, however, in some circumstances a business may be required (or voluntarily elect) to complete theirs on a monthly basis.
Tax return - Business
The business will complete a tax return each year. The company reports its taxable income, tax offsets and credits, PAYG instalments, and the amount of tax it is liable to pay on that income or the amount that is refundable.
Tax return - Personal
The official document that confirms what you’ve lodged in your tax return to the ATO.
Notice of assessment - Business
A notice of assessment (NOA) is the notice the ATO provides after they complete the tax return. It advises the taxable income for the financial year and either the tax owed or the refund due.
ATO payment plan
A document issued by the ATO that outlines the agreed tax debt payment plan, including the payment schedule, expected payment frequency, and term dates.
ATO Portal - Integrated client account ATO Portal
An integrated client account (ICA) is an account for taxes other than income tax. It also shows your business’s lodgement behaviour, such as the payment history to the ATO and any outstanding debts.
One of the reasons the ATO needs this is to help lenders and business owners make informed and fair lending decisions. You can access the ICA online through myGov, after the myGov account is linked with the ATO. It’s the easiest way to check for any outstanding balances and see when the next payment is due.
ATO Portal - Income tax account
This account is relevant if a person has non-salary income, pays GST, and/or employs staff and pays PAYG withholding. It provides transaction details from activity statements and payments, penalties, and interest charges.
Identification and verification
Driver's license (front/back, certified)
A scan of the back of the driver's license, which is important for vehicle finance. In some instances, the lender will ask for the document to be certified by a notary such as a Justice of the Peace, nurse, police officer, or pharmacist.
Identification - Medicare card
Australian Medicare cards are used to prove identification and also to confirm their Australian citizenship.
Vendor driver's license
Some lenders will require a clear copy of the vendor's driver’s license, both front and back. All details must be clearly visible, and the license can't be expired. Please make sure you can see the full driver’s license with no sections obscured.
Business use letter - Accountant
A letter from the applicant’s accountant confirming that the purpose of the requested facility is for business use.
Loan and finance application documents
Application form
A loan application form usually outlines the applicant’s details, loan request details, and privacy consents/legal disclosures in relation to the application.
Loan statement
A statement issued by the creditor/lender that outlines the current details of a loan, including balance, repayment schedule and historical repayments, and repayment conduct.
Payout letter
A letter from the lender that sets out the terms and conditions on which the lender will release the borrower and any guarantors from their liability under a loan agreement, as well as release and discharge all security documents and collateral.
A broker needs a payout letter for two types of deals:
- When refinancing a loan - client to provide the payout letter.
- For private sales where the asset being purchased has finance owing - vendor to provide the payout letter.
Requesting a payout letter is a free service and does not obligate you to pay out your loan.
Signed contract
Online completion of the final loan agreement, where all signatories have signed.
Signed privacy form
Applicants will need to sign a privacy and business declaration form before we can review their application.
Asset and security documents
Certificate of currency
A document that confirms that the asset or property being used as security is covered by a current insurance policy. These certificates are issued by the insurer and are typically required to be provided to the lender before an asset finance loan is settled.
Insurance certificate
In asset finance, the lender will require the vehicle/equipment to be insured appropriately. There will be certain requirements for information to be listed on this document, so please speak with the Referrer support specialist, account manager, or your BDM.
Inspection report
Lenders will typically complete an inspection report on the asset to confirm its advertised condition. Inspection reports are carried out by companies like Olasio, Redbook, and Verimoto.
Inspections can be physical (where an authorised inspector comes to the asset to do a report) or vendor-lead where the seller uses their phone to take photos of the asset, the VIN, registration, etc. They are used primarily in private sales only. An inspection on private sale deals will need to be completed after an approval and before settlement.
Roadworthy certificate
A roadworthy certificate is required if a used vehicle isn't registered. The certificate should list the asset make and model, the asset identifier, and that the certificate is active and not expired.
Vehicle registration certificate
Each Australian state issues a vehicle registration certificate. Ensure you obtain clear copies of the front and back of this document.
Invoice - Supplier/Dealer tax invoice
An invoice provided by the supplier when a purchase is made from a company and required by a lender to confirm and identify the asset being funded.
There will be certain requirements for information to be listed on this document, such as company details, asset specifics such as year, make and model, and asset serial numbers (eg chassis numbers), and GST paid. For the requirements for your asset type, speak with the referrer support specialist, account manager, or your BDM.
Invoice - Private sale tax invoice
An invoice provided by the private seller when a purchase is completed. There will be certain requirements for information to be listed on this document, such as the seller details, asset specifics such as year, make and model, and asset serial numbers (e.g. chassis numbers). For the requirements for your asset type please speak with the referrer support specialist, account manager, or your BDM.
Note that GST is typically not required to be paid when purchasing used goods. As this is required by a lender to confirm and identify the asset being funded, the private seller may be asked to issue the invoice before receiving payment. The seller can then note on the invoice that the balance is still payable minus any deposit paid.
Supplier remittance advice
The invoice from the dealership, supplier, or manufacturer selling the equipment/vehicle to the client. This document will usually require specific information to be displayed before settlement, as this document confirms the asset being purchased. The Valiant support team will cover what needs to be listed.
Property and lease documents
Lease/rental agreement
Typically, the lease or rental agreement that is issued by the real estate agent outlining the terms and date of the property lease for the tenant.
Utility bill
The quarterly bill issued by a utility provider such as Energy Australia, Red Energy, or AGL. This will display the property address details, the applicant’s name (which must match the application), and other details. Used by the lender to confirm the physical address of the business or residence.
Other supporting documents
Business bank statements
Bank statements are used to look at the conduct and/or to verify the income declared.
Lender-supplied financial statement
A bank-issued bank statement with the client’s details clearly listed.
Personal A&L statement
A personal financial statement lists all assets and liabilities of an individual or couple. An individual’s net worth is determined by subtracting their liabilities from their assets—a positive net worth shows more assets than liabilities. Net worth can fluctuate over time as the values of assets and liabilities change.
Settlement advice
The lender will send confirmation that the deal has settled. This will be sent to Valiant.
Vendor bank account confirmation
The client purchases their equipment/vehicle from the vendor. Lenders will require bank account details to confirm that the settlement money will be deposited to the right account.
If the equipment/vehicle is being purchased through a supplier, manufacturer, or dealership, then this will also be used by the lender to identify the vendor.
Work source letter
Clients will, at times, need either working capital or asset finance to complete work they have secured from a company. A letter from the company may be required, including how long the contract is for, how much it’s worth, and under what conditions.