Lifestyle assets data matching program
The ATO has commenced undertaking a data matching program.
We did wonder why the ATO thought it would only affect 100,000 individuals or structures.
They have now advised the thresholds of the costs of the assets concerned. Naturally, this will limit the scope of the exercise, but we are still sceptical that only 100,000 will come under scrutiny.
The ATO has stated that data will be collected from insurers for the following classes of assets.
Asset value threshold
Enthusiast motor vehicles
It will obtain information from the data providers for the 2013/14 and 2014/15 financial years.
The companies chosen are literally the A to Z of insurance companies starting with Affinity Equine Insurance Solutions and ending with Zurich.
The ATO says that the list of data providers will progressively be expanded and this list will be updated as the ATO obtains data from other general and specialist insurers.