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Keeping you up to date

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.

General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.