ATO announces two important data matching protocols

The ATO has just announced that it is starting a new "asset" data matching protocol, and extending another CGT and rental protocol that has been running successfully for the last ten years.

Data matching on insurance taken out on certain assets owned by "wealthier" taxpayers

The ATO has advised that it is working with insurance providers to identify policy owners on a wide range of asset classes.

These include:

  • marine;
  • aviation;
  • enthusiast motor vehicles;
  • fine art; and
  • thoroughbred horses.

It said that this will provide them with a more accurate estimate of taxpayers' wealth.

They advise that they expect to receive 100,000 records where the different asset classes meet certain threshold amounts.