Lifestyle assets data matching program

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.
Data elements
The ATO has stated that data will be collected from insurers for the following classes of assets.


Asset class

Asset value threshold

Marine vessels

$ 100,000

Enthusiast motor vehicles

$ 50,000

Thoroughbred horses

$ 65,000


Fine art

$ 100,000
per item


$ 150,000

It will obtain information from the data providers for the 2013/14 and 2014/15 financial years.
Data providers
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.