Lifestyle assets - ATO eyeing off
Perrier Ryan • July 20, 2021
The Tax Office has now extended its lifestyle assets data-matching program for the 2020–21 financial year through to 2022–23, allowing it to acquire insurance policy information for certain asset classes.
Motor vehicles with values of $65,000 and above will fall within the ATO's data collection scope, as well as marine vessels above $100,000, thoroughbred horses over $65,000, fine art over $100,000 per item, and aircraft over $150,000.
The ATO will acquire the data from 25 insurance providers, with the agency expecting 300,000 individuals to be identified each year.
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