The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.<\/p>\n\n\n\n
The review, expected to impact 350,000 taxpayers<\/strong>, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. \u201cIf a taxpayer is reporting a taxable income of $70,000 to us but we know they own a three million dollar yacht then this is likely to raise some red flags,\u201d Deputy Commissioner Deborah Jenkins said.<\/p>\n\n\n\n The ATO is\nlooking for:<\/p>\n\n\n\n