ATO Focuses on Lifestyle Assets
The ATO has extended its lifestyle assets data matching program to allow it to acquire insurance policy information for certain asset classes.
The ATO will acquire the data from 25 insurance providers, with approximately 300,000 individuals expected to be identified each year.
Insurers will be required to provide the ATO with detailed policy information where the value of assets is equal to or exceeds the following thresholds:
- Marine vessels $100,000
- Motor vehicles $65,000
- Thoroughbred horses $65,000
- Fine art $100,000 per item
- Aircraft $150,000
This information helps the ATO identify those who may have been untruthfully declaring insufficient income in their tax returns despite accumulating assets. It also helps the ATO identify taxpayers who dispose assets and do not declare the revenue or capital gains on those disposals.
The ATO currently matches a variety of information including vehicle registrations, share economy accommodation, government grant information and contractor payments just to name a few.
It is important that you declare all income when preparing your income tax returns. If you are unsure, please do not hesitate to speak with
our team.
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