The ATO will use data from insurance and property management companies to cross-check taxpayer claims.
Already a subscriber?The Australian Taxation Office will use insurance company records to cross-check the value of “lifestyle” assets, including, to ensure owners are correctly paying tax and complying with capital gains obligations.
Insurance companies will provide records for taxpayers who own assets in six categories for the years from 2023-24 to 2025-26. Policy information will be sought for private aircraft with a minimum value of $150,000 and boats worth at least $100,000.Other assets being reviewed include fine art pieces worth a minimum of $100,000, thoroughbreds insured for at least $65,000 and cars worth upwards of $65,000.
A spokesman said the ATO would look at compliance with income tax, superannuation, CGT, GST and fringe benefits tax requirements. Details of ownership, a history of rentals and any other transaction details, such as sub-leasing or sales, will be used.
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