Data Matching on Insured Assets
The ATO has just announced that it is starting a new “asset” data matching protocol, and extending another CGT and rental protocol that has been running successfully for the last ten years.
Data matching on insurance taken out on certain assets owned by “wealthier” taxpayers
The ATO has advised that it is working with insurance providers to identify policy owners on a wide range of asset classes.
These include:
- marine;
- aviation;
- enthusiast motor vehicles;
- fine art; and
- thoroughbred horses.
It said that this will provide them with a more accurate estimate of taxpayers’ wealth.
Editor: And therefore income. Taxpayers who have used untaxed monies to acquire such assets might be well advised to get on the front foot and disclose it to the ATO, rather than waiting for a call from the taxman.
They advise that they expect to receive 100,000 records where the different asset classes meet certain threshold amounts.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
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