Newsletter: March 2020

Posted On March 1, 2020

ATO dusts off the “lifestyle asset” microscope

If you own a marine vessel, perhaps a thoroughbred horse or two, have a pece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure your tax affairs are in order.

The ATO announced in the latter part of last year that it will be requesting a further five years’ worth of policy information from more than 30 insurance companies about taxpayers who own what it dubs “lifestyle assets” such as mentioned above.

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