January & February 2020
The ATO has revealed it will request a further five years' worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned by around 350,000 taxpayers from 2016 to 2020 as part of its data-matching program. This information (provided by insurers) is intended to be used by the ATO as part of its compliance profiling activities.
Insurers are required to provide the ATO with 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
If you feel that you may be targeted by this latest ATO data collection activity and are concerned about the implications, please feel free to contact our office to discuss your individual circumstances .
Also in this months edition:
- Disclosure of business tax debts
- Mid-Year Economic and Fiscal Outlook
- The ATO's Bushfire crisis response
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