In this edition:
Marine, aviation and fine arts among target assets
Data matching allows the ATO to match external data with ATO records to ensure that people and businesses comply with their tax and super obligations. This also assists the tax office to detect fraud against the Commonwealth.
The ATO labels wealth individuals to be resident individuals who together with their business associates control net wealth of $5 million or more. Through use of sophisticated data matching and analytic models, drawing on tax returns and referrals from other government agencies or the community the ATO is able to identify wealthy individuals and link them to associated businesses.
As part of this program the ATO has recently identified they are working with insurance providers to identify policy owners on a wider range of asset classes. These asset classes include but are not limited to:
This will provide the ATO with a more accurate estimate of an individuals' wealth.
In January-February the ATO will issue formal notices to insurers to provide them with the policy details. It is expected the ATO will receive 100,000 records where the different asset classes meet certain threshold amounts.
For a more comprehensive list of other areas in which the ATO is using data matching visit the ATO website
data matching protocols.
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