The ATO has released the 2016 thresholds for its lifestyle asset data matching program **
Boats (Marine Vessels) over $100,000
All major insurers data has been collected.
Enthusiast motor vehicles over $50,000
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
Fine Art over $100,000 per item
Is it in your SMSF?
Aircraft over $150,000
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.
** 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
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