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ATO Knows You Have a Boat!
The ATO, using their data-matching program, will now be able to obtain lifestyle asset data from insurance policies for the 2021 FY, 2022 FY, and 2023 FY.
The ATO will be comparing the value of certain lifestyle assets to your declared income and if you have a boat that is insured for $100,000 but your declared income for the last three years was $20,000, you may have a problem ...
The data-matching program will look for assets above a certain value, so if you have a $5000 dingy I would not be too concerned:
| Asset Class | Minimum Asset Value Threshold |
| Marine Vessels | $100,000 |
| Motor Vehicles | $65,000 |
| Thoroughbred Horses | $65,000 |
| Fine Art | $100,000 per item |
| Aircraft | $150,000 |
The data included will be your name, address, phone numbers, dates of birth, ABN and email address.
Additionally, the insurance policy details will include the policy number, policy inception date, start date of current policy, and date of current policy, total Value insured, purchase price of the property insured, registration or identification number of the asset, insurance category, policy cost, description of the property insured, and the primary use of the asset.
| Tags:Tax |
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