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16 Jan 2020 ATO news

ATO receives five more years of policy details from insurers about “lifestyle assets” like yachts, fine art

The Australian Taxation Office (ATO) revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft. Insurers have been asked to provide the ATO with policy details for “lifestyle assets” over certain asset value thresholds as part of the agency’s efforts to ensure taxpayers are fulfilling their tax and superannuation reporting obligations.

Read more here.

ATO Announces Open Consultation

ATO is currently seeking community involvement as part of its open consultation across Individual tax, business, not-for-profit, superannuation and intermediaries. To learn more about how to participate click here.

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