The Australian Taxation Office (ATO) has issued a notice that it will acquire lifestyle assets data from insurance policies for the period 2020-21 to 2022-23.
The data matching program will focus on the following assets above the listed thresholds:
The data items include:
The data will be acquired and matched to improve the ATO’s compliance risk profiling of taxpayers and provide a holistic view of their assets and accumulated wealth. The lifestyle assets data-matching program is expected to identify and address the following risks:
The ATO estimates records of about 300,000 individuals will be obtained each financial year.
If you have any questions regarding the ATO’s lifestyle assets data, or wondering if your data will be obtained by the ATO for this research, please give us a call on 03 5443 0344 or email firstname.lastname@example.org