We want to keep you informed about important developments from the Australian Taxation Office (ATO). Starting from the 2023-24 financial year through to 2025-26, the ATO will implement a new data-matching program targeting lifestyle assets. This program will involve the collection of insurance policy data for high-value assets, including:

• Caravans and motorhomes valued at $65,000 or more
• Motor vehicles (cars, trucks, motorcycles) valued at $65,000 or more
• Thoroughbred horses valued at $65,000 or more
• Fine art valued at $100,000 or more per item
• Marine vessels valued at $100,000 or more
• Aircraft valued at $150,000 or more

The collected data will include personal identification details and comprehensive policy information. The aim of this program is to enhance voluntary compliance, provide insights into taxpayer wealth, and identify potential compliance issues across various tax obligations.

We encourage you to stay informed and ensure your records are accurate. If you have any questions or need assistance regarding your tax obligations, please don’t hesitate to reach out to our team.