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.
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