Warning on ATO data matching “lifestyle” assets and your business
The ATO has announced/extended a number of data-matching programs recently. This includes lifestyle assets data matched from insurance providers for 2023–2024 to 2025–2026 for specified classes of asset where the asset value is equal to or exceeds nominated thresholds.
The assets and thresholds covered are:
- caravans/motorhomes: $65,000;
- motor vehicles including cars, trucks and motorcycles: $65,000;
- thoroughbred horses: $65,000;
- fine art: $100,000 per item;
- marine vessels: $100,000; and
- aircraft: $150,000.
The aim is to determine any tax risks relevant to businesses that the ATO is keen to address. This includes the omission or incorrect reporting of income and/or capital gain; omission or incorrect reporting of FBT, incorrect GST credits claims, use of assets in SMSF in breach.
This highlights the need to review your business assets to determine if you have such assets held and if these have been treated correctly in your accounts.
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