Looking at your lifestyle
Do you own “lifestyle assets” such as an expensive car, fine art or a boat? If so, the ATO may be checking to see that your declared income can support your lifestyle.
The ATO has instructed over 30 insurance companies to provide information on clients with any of the following assets:
- aircraft valued at $150,000 or more;
- marine vessels valued at $100,000 or more;
- fine art valued at $100,000 or more per item;
- motor vehicles valued at $65,000 or more;
- thoroughbred horses valued at $65,000 or more.
Approximately 350,000 individuals are being targeted.
Ref: TaxWise Business February 2020