ATO dusts off the 'lifestyle asset' microscope
If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure you tax affairs are in order.
The ATO announced in the latter part of last year that it will be requesting a further five years' worth of policy information from more than 30 insurance companies (see which ones below) about
taxpayers who own what it dubs "lifestyle assets" such as mentioned above.
Insurers have been asked to provide the ATO with policy details over certain asset value thresholds as art of the revenue agency's efforts to ensure taxpayers are fulfilling their tax and super reporting obligations.