The ATO has introduced a new data matching program that will extract data from insurance policies held on “lifestyle assets” (aircraft, vessels, horses etc). Policies for 2020-21 through to 2022-23 will be examined for the following assets where the value is equal to or exceeds nominated thresholds as below. The information will be used for examining discrepancies between assets and income, accounting for GST and CGT, and for SMSFs that may be incorrectly using the assets to the benefit of the fund’s trustee or beneficiaries.
Below are the assets being targeted by the ATO data-matching program:
|Motor vehicles including caravans||$65,000|
|Fine art||$100,000 per item|
The data items include:
■ Client identification details (names, addresses, phone numbers, dates of birth, Australian business number, email address)
■ Policy details (policy number, policy inception date, start date of current policy, end date of current policy, total value insured, purchase price of the property insured, registration or identification number of the property, insurance category, policy cost, description of the property insured, primary use type).
More information here