Wealthy Australians with yachts, fine art and thoroughbred horses are coming under the microscope. 9News
More than 30 insurers have been told to hand over information on clients with "lifestyle assets" including private planes and luxury cars.
"If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a $3 million yacht then this is likely to raise some red flags," ATO deputy commissioner Deborah Jenkins said on Wednesday.The ATO is cracking down on Australians using luxury items like yachts to dodge paying tax."Doing things like being untruthful about your income or failing to declare capital gains is effectively stealing from the community," Ms Jenkins said.
"This is money the community is missing out on to pay for infrastructure and services we all rely on like schools, hospitals, and roads."
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