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Tax office data matching program moves from cars to insurance

Following on from the ATO's successful car registration matching exercise they have decided to move further afield.

The Australian Taxation Office has announced it will acquire details of insurance policies for certain assets, including boats, enthusiast motor vehicles, thoroughbred horses, fine art and aircraft where the value exceeds nominated thresholds for the 2013-14 and 2014-15 financial years. This will include policy holder details (names, addresses, phone numbers, dates of birth) and insurance details such physical location of the asset, etc.

The ATO hopes that the data matching program will assist with gaining an "holistic view of a taxpayer’s wealth", promote voluntary compliance and identify possible tax compliance obligations.

In relation to FBT, the ATO said the data may help identify taxpayers purchasing assets through their business, but applying those assets to the 'personal enjoyment' of an associate or employee giving rise to an FBT liability.

It is estimated that records of more than 100,000 insurance policies will be obtained.