--- title: "ATO data matching: on the lookout for ‘lifestyle’ assets" description: ATO data matching with 30 insurers is helping to profile selected taxpayers. They are targeting lifestyle assets that have not been disclosed. image: https://insights.wlm.com.au/hubfs/Blog%20Featured%20Image%202000%20x%201046-4.jpg --- [![WLM_Logo_RGB_Orn50](https://insights.wlm.com.au/hs-fs/hubfs/WLM_Logo_RGB_Orn50.png?width=521&height=169&name=WLM_Logo_RGB_Orn50.png "WLM_Logo_RGB_Orn50")](http://wlm.com.au/) - [About](https://www.wlm.com.au/about/) - [Services](https://www.wlm.com.au/services/) - [Tax & Compliance](https://www.wlm.com.au/services/tax-and-compliance/) - [Strategy & Advice](https://www.wlm.com.au/services/strategy-and-advice/) - [Clients](https://www.wlm.com.au/clients/) - [Construction & Trades](https://www.wlm.com.au/clients/construction/) - [Family Business](https://www.wlm.com.au/clients/family-business/) - [Insurance & Financial Services](https://www.wlm.com.au/clients/insurance-and-financial-services/) - [Renewable Energy & Environment](https://www.wlm.com.au/clients/renewable-energy-and-environment/) - [Service-based & Other Business](https://www.wlm.com.au/clients/service-based-and-other-business/) - [Insights & Case Studies](https://insights.wlm.com.au/blog) - [Blog](https://insights.wlm.com.au/blog) - [Buying a property with a business partner](https://explore.wlm.com.au/buying_a_property_with_a_business_partner_download) - [How to minimise tax & risk with business structure](https://explore.wlm.com.au/business-structure-whitepaper-download) - [Contact](https://www.wlm.com.au/contact/) [Login](https://clientlogin-us2.karbonhq.com/4Frhz6cPZq6r) - [About](https://www.wlm.com.au/about/) - [Services](https://www.wlm.com.au/services/) - [Tax & Compliance](https://www.wlm.com.au/services/tax-and-compliance/) - [Strategy & Advice](https://www.wlm.com.au/services/strategy-and-advice/) - [Clients](https://www.wlm.com.au/clients/) - [Construction & Trades](https://www.wlm.com.au/clients/construction/) - [Family Business](https://www.wlm.com.au/clients/family-business/) - [Insurance & Financial Services](https://www.wlm.com.au/clients/insurance-and-financial-services/) - [Renewable Energy & Environment](https://www.wlm.com.au/clients/renewable-energy-and-environment/) - [Service-based & Other Business](https://www.wlm.com.au/clients/service-based-and-other-business/) - [Insights & Case Studies](https://insights.wlm.com.au/blog) - [Blog](https://insights.wlm.com.au/blog) - [Buying a property with a business partner](https://explore.wlm.com.au/buying_a_property_with_a_business_partner_download) - [How to minimise tax & risk with business structure](https://explore.wlm.com.au/business-structure-whitepaper-download) - [Contact](https://www.wlm.com.au/contact/) # News, views and more ![Amanda Rogers](https://insights.wlm.com.au/blog/Amanda%20Rogers) **Amanda Rogers** 26 February 2020 — 1 min read ### Share [mailto:?subject=The%20ATO%20is%20on%20the%20lookout%20for%20‘lifestyle’%20assets&body=https://insights.wlm.com.au/blog/the-ato-is-on-the-lookout-for-lifestyle-assets](mailto:?subject=The%20ATO%20is%20on%20the%20lookout%20for%20‘lifestyle’%20assets&body=https://insights.wlm.com.au/blog/the-ato-is-on-the-lookout-for-lifestyle-assets) [mailto:?subject=The%20ATO%20is%20on%20the%20lookout%20for%20‘lifestyle’%20assets&body=https://insights.wlm.com.au/blog/the-ato-is-on-the-lookout-for-lifestyle-assets](mailto:?subject=The%20ATO%20is%20on%20the%20lookout%20for%20‘lifestyle’%20assets&body=https://insights.wlm.com.au/blog/the-ato-is-on-the-lookout-for-lifestyle-assets) ![ATO data matching on the lookout for lifestyle assets](https://insights.wlm.com.au/hubfs/Blog%20Featured%20Image%202000%20x%201046-4.jpg) ## The ATO is on the lookout for ‘lifestyle’ assets The ATO is data matching with information from 30 insurers to support the profiling of selected taxpayers. They are targeting lifestyle assets that have not been disclosed in tax returns over the last five years. The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. “If 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,” Deputy Commissioner Deborah Jenkins said. The ATO is looking for: - under-reporting of income and mismatches between lifestyle assets and reported income,  - the purchase of assets in a company name but where those assets are used for private purposes (incorrect claims or non-reporting of GST credits, FBT, Division 7A, capital gains tax), and  - lifestyle assets purchased by self-managed superannuation funds that might breach the sole purpose test. The ATO has stated that the data matching will not result in automatic audits but will be reviewed by compliance officers to support the profiling of selected taxpayers. If you would like assistance when it comes to lodging your tax return for the 2019/2020 financial year then please [contact us.](https://www.wlm.com.au/contact/) Our team of tax experts will cover every aspect of compliance and can make sure your tax outcomes take the right line. ### WLM can help [If you'd like help](https://www.wlm.com.au/) with understanding your obligations or any further information, [please contact us today.](https://www.wlm.com.au/contact/) [![Buying a property with a business partner free eBook download guide](https://hubspot-no-cache-ap1-prod.s3.amazonaws.com/cta/default/6037207/ae021a02-c487-4cbe-a709-59c2a355942e.png)](https://hubspot-cta-redirect-ap1-prod.s3.amazonaws.com/cta/redirect/6037207/ae021a02-c487-4cbe-a709-59c2a355942e) ##### Make a comment [Previous](https://insights.wlm.com.au/blog/how-to-overcome-business-partner-conflict-over-equitable-profit-sharing) [Next](https://insights.wlm.com.au/blog/increased_scrutiny_by_ato) ## Wealth matters. 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