Tag: data matching

ATO to use insurance for data matching

 

 

The ATO is working with insurance providers to identify policy owners on a wider range of asset classes. These include:

  • marine
  • aviation
  • 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

 
 

Building industry: ATO data matching project

The ATO has released a notice about its Nation Building Economic Stimulus Plan payments data matching project (PDF). Under the project, the ATO will request and collect the names and addresses of entities within the building, construction and ceiling insulation industries from various government departments and building companies.

The details collected will be electronically matched with certain sections of ATO data holdings to identify non-compliance with lodgment and payment obligations under taxation law. The ATO said records relating to approximately 30,000 entities will be matched.