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The ATO has announced following the success of its lifestyle assets data-matching program that it will be requesting a further 5 years of insurance policy data. Currently the program has data for the 2013-14 and 2014-15 financial years. The ATO is expected the request the insurance policy information from the 2015-2016 to 2019-2020 data.
The insurance policy data gives the ATO information on around 350,000 high-wealth taxpayers from over 30 insurers, related to assets including
- marine vessels over the value of $100,000
- motor vehicles over the value of $65,000
- thoroughbred horses over the value of $65,000
- fine art over $100,000 per item
- and aircraft over the value of $150,000.
Deputy Commissioner Deborah Jenkins said “knowing who owns these lifestyle assets such as private jets and yachts helps the agency get a more complete picture about the actual financial situation of taxpayers as compared with what is reported on tax returns.”
Ordinary taxpayers should also beware, with many likely to get caught up in the ATOs extended net. For example, the ATO will now receive data on all cars insured with a value of $65,000 or more, which will bring in quite a few higher-end utes and four wheel drives.
Our advice – If you suspect you may come into the ATO firing line, speak with your accounting professional now.
For further details on the ATO information gathering policies visit:
