Posted Under: Accounting and Taxation Posted On 21/06/2016
The ATO is commencing a new data matching program with insurance providers about insurance policies on a wide range of asset classes. These include –
- Marine vessels e.g. boats greater than $100k
- Aircrafts e.g. planes greater than $150k
- Enthusiast motor vehicles greater than $50k
- Fine art greater than $100k each
- Thoroughbred horses greater than $65k each
This information will provide the ATO with a more accurate estimate of a taxpayer’s accumulated wealth and also identify potential instances whereby taxpayers are not meeting their income tax, CGT, FBT, GST and superannuation obligations. For example, a taxpayer may be accumulating lifestyle assets but not including enough income in their tax return to prove they have the financial capacity to pay for them.