The ATO is working with insurance providers to identify policy owners on a wider range of asset classes. These include:
- enthusiast motor vehicles
- fine art
- thoroughbred horses.
This will provide them with a more accurate estimate of taxpayer’s wealth for comparison with their report tax obligations.
In January-February the ATO will issue formal notices to insurers to provide them with these policy details. They expect to receive 100,000 records where the different asset classes meet certain threshold amounts