Last month we provided information on some recent data matching by the ATO that led to audits or reviews. We also mentioned some sources the ATO uses to obtain data for the purposes of this data matching. This month we add another one to the list!
The ATO has now advised that it is working with insurance providers to identify policy owners of assets including marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses. The information will be used by the ATO to obtain a more accurate estimate of the wealth of individual taxpayers and ensure this correlates with the information they lodge with the ATO.
It seems the list of sources is ever-growing, so if you have any questions about your own position please don’t hesitate to contact our office.