ATO to access insurance policies to identify tax avoidance
The ATO has announced it will be obtaining more than 100,000 lifestyle asset insurance policy details and electronically matching with their existing data to identify non-compliance with registration, lodgement, reporting and payment obligations.
About the program
Insurance policies targeted include marine vessels, enthusiast motor vehicles, thoroughbred horses, fine art and aircraft where the value exceeds nominated thresholds for the 2013-14 and 2014-15 financial years.
The objectives of this data matching program are to:
- Assist with profiling taxpayers and provide compliance staff with a holistic view of a taxpayer’s wealth
- Identify possible compliance issues with income tax, capital gains tax, fringe benefits tax, GST and superannuation obligations
- Identify avenues available to assist in debt management activities
- Promote voluntary compliance and strengthen community confidence in the integrity of the taxation and superannuation systems
- Ensure compliance with registration, lodgement, correct reporting and payment of taxation and superannuation obligations.
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