Lifestyle Assets – ATO’s Focal Point
Latest: The ATO has extended its lifestyle assets data-matching program for the 2020-21 financial year to 2022-23 to acquire insurance policy information for certain asset classes.
The ATO will acquire the data from 25 insurance providers, with the expectation of identifying approximately 300,000 individuals each year.
Insurers will be required to provide the ATO with detailed policy information where the value of assets is equal to or exceeds the following thresholds:
- Marine vessels $100,000
- Motor vehicles $65,000
- Thoroughbred horses $65,000
- Fine art $100,000 per item
- Aircraft $150,000
Read More – Lifestyle Assets – ATO’s Focal Point 2021
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