ATO reviewing boats, cars, horses, art and planes

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ATO reviewing boats, cars, horses, art and planes

The ATO has released the 2016 thresholds for its lifestyle asset data matching program **

Boats (Marine Vessels) over $100,000

royaltyfreeboat

All major insurers data has been collected.

Enthusiast motor vehicles over $50,000

royalty free car -2015-03-03_Geneva_Motor_Show_4145

If you have a nice collectible or enthusiasts car, the ATO have you on file. Which entity is it registered in?

Thoroughbred horses over $65,000

Horserace_520133030

Fine Art over $100,000 per item

Horserace_520133030

Is it in your SMSF?

Aircraft over $150,000

light plane

Own any of these assets and your insurance company has almost certainly provided all relevant details to the ATO, including name, ABN, ACN, residential address, address item is stored / located, email, insured value, purchase price, registration details etc. All data is expected to be collected between February. 2016 to April, 2016.

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** The ATO uses the data for:

1. profiling of taxpayers who accumulate wealth, not supported by their income tax returns (asset betterment testing)

2. tracking of buy / sell for income and cgt purposes

3. GST – for personal use assets and over claims

4. Fringe benefits tax (FBT) if the asset is acquired, insured or registered in a business entity

5. Self Managed Superannuation Funds (SMSF) – assets acquired outside of sole purposes test of the fund, and / or assets that may be available for personal use of members, trustees, or related parties.

Source: ATO data matching 15.02.16

https://www.ato.gov.au/General/Gen/Lifestyle-Assets-Data-Matching-Program-Protocol/

All images used are royalty free for public and commercial use, please contact the writer if any questions or concerns.

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