Hello Chasers,
The ATO has various strategies to track and catch out tax cheats and data matching from various sources is one of them.
The ATO will acquire officeholder data from ASIC and other bodies for the 2024 to 2027 income years, including name, address, date of birth, ABN, contact details, organisation details and officeholder details.
The ATO estimates that records relating to more than 11 million individuals will be obtained.
The ATO will acquire property management data from property management software companies for the 2019 to 2026 income years, including property owner identification details, property details, and property transaction details.
The ATO estimates that records relating to approximately 2.3 million individuals will be obtained each financial year.
The ATO will acquire lifestyle assets data from insurance providers for the 2024 to 2026 income years.
Insurance policy data will be collected for the following classes of assets, where the asset value is equal to or exceeds the nominated thresholds.
Asset class Minimum asset value threshold
- Caravans, motorhomes $65,000
- Motor vehicles $65,000
- Thoroughbred horses $65,000
- Fine art $100,000 per item
- Marine vessels $100,000
- Aircraft $150,000
The data items include client identification details (names, addresses, contact details, dates of birth and ABN) and policy details (including total value insured, description and purchase price of the property insured).
The ATO estimates that the total number of policy records obtained will be approximately 650,000 to 800,000 each financial year, and that approximately 250,000 to 350,000 matched records will relate to individuals.
If you are reporting correctly, there is nothing to worry about.
Have a great day!
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