The ATO will acquire lifestyle assets data from insurance policies for 2020–21 through to 2022–23 for the following assets where the value is equal to or exceeds nominated thresholds.

The data items include:

• • client identification details (names, addresses, phone numbers, dates of birth, Australian business number, email address), and
• • policy details (policy number, policy inception date, start date of current policy, end date of current policy, total value insured, purchase price of the property insured, registration or identification number of the property, insurance category, policy cost, description of the property insured, primary use type).

The objectives of the lifestyle assets data-matching program are to:

• • promote voluntary compliance and increase community confidence in the integrity of the tax and superannuation systems
• • assist with profiling to provide compliance staff with a holistic view of a taxpayer’s wealth
• • identify possible compliance issues with income tax, CGT, FBT, GST and superannuation obligations
• • determine avenues available to assist in debt management activities
• • gain insights from the data to help develop and implement treatment strategies to improve voluntary compliance, which may include educational or compliance activities as appropriate
• • identify and educate those individuals and businesses who may be failing to meet their registration and/or lodgment obligations and assist them to comply, and
• • help ensure that individuals and businesses are fulfilling their tax and superannuation reporting obligations.

Please make sure your income tax reporting obligations are up to date and contact Susan from our offices if you need help with communicating with the Tax Office should you get a call from them.