TwoHeadsTas Posted 20July, 2021 Report Share Posted 20July, 2021 Here you go everyone, hope you haven't been spending hidden cash: Gazette notice: Commissioner of Taxation – Notice of lifestyle assets data-matching program 14 July 2021 The Australian Taxation Office (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. Asset class Minimum asset value threshold Marine vessels $100,000 Motor vehicles including caravans $65,000 Thoroughbred horses $65,000 Fine art $100,000 per item Aircraft $150,000 The data items include: ■ Client identification details (names, addresses, phone numbers, dates of birth, Australian business number, email address) ■ 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). We estimate that records relating to approximately 300,000 individuals will be obtained each financial year. The data will be acquired and matched improve our compliance risk profiling of taxpayers and provide a holistic view of their assets and accumulated wealth. The lifestyle assets data-matching program will allow us to identify and address a number of taxation risks, including: ■ taxpayers accumulating or improving assets with insufficient income reported in their tax returns to show the financial means to pay for them ■ income tax and capital gains tax (CGT) - taxpayers disposing of assets and not declaring the revenue and/or capital gains on those disposals ■ goods and services tax (GST) - taxpayers may be purchasing assets for personal use through their business or related entities and claiming GST credits they are not entitled to ■ fringe benefits tax (FBT) - taxpayers may be purchasing assets through their business entities with no apparent nexus with their business activities, but rather applying those assets to the personal enjoyment of an associate or employee giving rise to a fringe benefits tax liability ■ self-managed super funds (SMSFs) may be acquiring assets but applying them to the benefit of the fund's trustee or beneficiaries. The objectives of this 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 ■ help ensure that individuals and businesses are fulfilling their tax and superannuation reporting obligations Quote Link to comment Share on other sites More sharing options...
TINGY Posted 20July, 2021 Report Share Posted 20July, 2021 Watch out if you have something in your self mg'd super fund that you or a family member should not be driving weekly, welcome to the digital age. Quote Link to comment Share on other sites More sharing options...
edgy Posted 20July, 2021 Report Share Posted 20July, 2021 Ok, no buying a boat over $100k gotcha! On a serious note, I find the insurance policy one most interesting… Quote Link to comment Share on other sites More sharing options...
James P Posted 20July, 2021 Report Share Posted 20July, 2021 Ok, no aircraft for me... Dalai 1 Quote Link to comment Share on other sites More sharing options...
Dalai Posted 20July, 2021 Report Share Posted 20July, 2021 22 minutes ago, edgy said: Ok, no buying a boat over $100k gotcha! On a serious note, I find the insurance policy one most interesting… Note to self to call my insurance in the morning and set all my car policies to be $64,999.99 max... Troubleshooter 1 Quote Link to comment Share on other sites More sharing options...
LeeM Posted 20July, 2021 Report Share Posted 20July, 2021 Not that I have much apart from the 911, but I think I'm just going to quit working and become a drug dealer. Why not, as you only deal in cash, a baseball bat and coupla big mates to collect some debts instead of a stern letter from a lawyer, then go and buy anything you want with a bag full of cash! Sorted 👍 Oh, and F@#* the ATO!! 🖕 symsy and Fishcop 2 Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 20July, 2021 Author Report Share Posted 20July, 2021 1 hour ago, TINGY said: Watch out if you have something in your self mg'd super fund that you or a family member should not be driving weekly, welcome to the digital age. Yep, have a mate with something very very very desireable in Porscheland owned within his super fund (even more so than an RS @edgy!!!!!). He hasn't touched in for quite a while and it isn't even stored in the same state as he lives, but he is making plans to liberate it. Interesting thing will be to arrive at a market value..... Quote Link to comment Share on other sites More sharing options...
Fishcop Posted 20July, 2021 Report Share Posted 20July, 2021 $65k on cars is going to capture nearly anyone buying a new car... 5 minutes ago, LeeM said: Not that I have much apart from the 911, but I think I'm just going to quit working and become a drug dealer. Why not, as you only deal in cash, a baseball bat and coupla big mates to collect some debts instead of a stern letter from a lawyer, then go and buy anything you want with a bag full of cash! Sorted 👍 Oh, and F@#* the ATO!! 🖕 That's getting harder though - all cash is tracked at a banking point and anything over $10k is referred to Austrac for prosperity. And you can see the writing on the wall - eventually they'll legislate against using cash for any purchases over a few thousand bucks. GTP911 1 Quote Link to comment Share on other sites More sharing options...
Sov Posted 20July, 2021 Report Share Posted 20July, 2021 Not good, not good at all. Quote Link to comment Share on other sites More sharing options...
smit2100 Posted 20July, 2021 Report Share Posted 20July, 2021 1 hour ago, the_sovereign_man said: Not good, not good at all. How much you insuring that 996 turbo for? Or is not good because you plan on paying for it in cash via a private courier? Quote Link to comment Share on other sites More sharing options...
LeeM Posted 20July, 2021 Report Share Posted 20July, 2021 7 hours ago, Fishcop said: And you can see the writing on the wall - eventually they'll legislate against using cash for any purchases over a few thousand bucks. It's only a matter of time before we end up a cashless society. Sov 1 Quote Link to comment Share on other sites More sharing options...
Sov Posted 20July, 2021 Report Share Posted 20July, 2021 3 hours ago, LeeM said: It's only a matter of time before we end up a cashless society. Central Bank Digital Currencies will cut out the retail banks in time also. Negative interest rates, UBI, time decay pension payments, Central Banks issuing (and foreclosing on) mortgages. "You'll own nothing and you'll be happy". Quote Link to comment Share on other sites More sharing options...
Zelrik911 Posted 21July, 2021 Report Share Posted 21July, 2021 Question about this one: ■ income tax and capital gains tax (CGT) - taxpayers disposing of assets and not declaring the revenue and/or capital gains on those disposals. If I sell my old 911 (as all of these have at least doubled in value) - is selling your classic car a CGT reportable event? My car isnt presently in my SF, but I understand nearly every Austin Healey has been owned by a SMSF since superfunds began. Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 21July, 2021 Author Report Share Posted 21July, 2021 18 minutes ago, Zelrik911 said: Question about this one: ■ income tax and capital gains tax (CGT) - taxpayers disposing of assets and not declaring the revenue and/or capital gains on those disposals. If I sell my old 911 (as all of these have at least doubled in value) - is selling your classic car a CGT reportable event? My car isnt presently in my SF, but I understand nearly every Austin Healey has been owned by a SMSF since superfunds began. No, no CGT on privately owned, personal vehicles. If you ever got a query you would show it was personally owned, and the proceeds were reinvested in another higher value vehicle if appropriate, or could show it was a personal car owned for a long time that has just increased in value until over their reporting threshold. However, this is not tax advice, consult your own Tax Agent for specific advice relating to your own circumstances 🙂 Fishcop and symsy 2 Quote Link to comment Share on other sites More sharing options...
3legs Posted 21July, 2021 Report Share Posted 21July, 2021 When I sold my 930 in 2017 for 3 times more than I bought it for I asked the same question to my accountant. No CGT ( unless rules has since changed ). Quote Link to comment Share on other sites More sharing options...
Coastr Posted 21July, 2021 Report Share Posted 21July, 2021 “ promote voluntary compliance and increase community confidence in the integrity of the tax and superannuation systems” As someone who places value in personal integrity and saying what they mean and meaning what they say, how anyone can work for the ATO and write such BS with a straight face is beyond me. also interested in the CGT implication as was under the impression personal items such as vehicles have never attracted cgt. If so, presumably I can hold over all the hideous losses from all my other vehicles and claim a deduction? As for cashless societies, well, crypto has an answer for that and the ATO and the IRS and all the other is SOL trying to force that one. As are the farcical enterprises known as ‘big banks’. But yes, they will try. Quote Link to comment Share on other sites More sharing options...
tomo Posted 21July, 2021 Report Share Posted 21July, 2021 Back to old days ,Under bed in a fire proof box thing LeeM and 3legs 2 Quote Link to comment Share on other sites More sharing options...
Dalai Posted 21July, 2021 Report Share Posted 21July, 2021 Easier to chase individuals than lawyered up huge National and International companies... Uncle and P-Kay 1 1 Quote Link to comment Share on other sites More sharing options...
edgy Posted 21July, 2021 Report Share Posted 21July, 2021 13 hours ago, Fishcop said: $65k on cars is going to capture nearly anyone buying a new car... 47 minutes ago, Zelrik911 said: If I sell my old 911 (as all of these have at least doubled in value) These two, are kind of my point with regards to the insurance policy threshold... not a lot under $65k these days in new car land, and those who've prudently insured their assets as they increase in value with time falling into this threshold... I've not read through my policies for any particular language about them disclosing your policy details for such purposes (unless it involves crime?) So chicken or egg... I guess this is how they get around their classic/historic rego issue of no stamp duty payable? Let's be honest, classic cars are great for doing laundry with... 13 hours ago, TwoHeadsTas said: Yep, have a mate with something very very very desireable in Porscheland owned within his super fund (even more so than an RS @edgy!!!!!) A GT1 ? Quote Link to comment Share on other sites More sharing options...
TwoHeadsTas Posted 21July, 2021 Author Report Share Posted 21July, 2021 1 hour ago, edgy said: A GT1 ? Bit before that......... 🙂 edgy 1 Quote Link to comment Share on other sites More sharing options...
Sov Posted 21July, 2021 Report Share Posted 21July, 2021 5 hours ago, Coastr said: As for cashless societies, well, crypto has an answer for that and the ATO and the IRS and all the other is SOL trying to force that one. As are the farcical enterprises known as ‘big banks’. But yes, they will try. The ATO is constantly playing catch up as it is, and on this front we have a 12 year head start. Quote Link to comment Share on other sites More sharing options...
smit2100 Posted 21July, 2021 Report Share Posted 21July, 2021 12 hours ago, Coastr said: “ promote voluntary compliance and increase community confidence in the integrity of the tax and superannuation systems” As someone who places value in personal integrity and saying what they mean and meaning what they say, how anyone can work for the ATO and write such BS with a straight face is beyond me. also interested in the CGT implication as was under the impression personal items such as vehicles have never attracted cgt. If so, presumably I can hold over all the hideous losses from all my other vehicles and claim a deduction? As for cashless societies, well, crypto has an answer for that and the ATO and the IRS and all the other is SOL trying to force that one. As are the farcical enterprises known as ‘big banks’. But yes, they will try. Increase community confidence in the intregrity of the tax system. Bit a dichotomy. Easy fix, get rid of the volumes of tax legislation and make it simple based on common sense principles in plain english. Ooops, but then the legalised defacto mafia organisations (collective of accounting groups that require you to pay a fee for membership (self interest protection money from the worker bees) , tax lawyers and ATO staff would be up s$%^ creek and would need to look for a new racket to earn a living. GTP911 and Troubleshooter 2 Quote Link to comment Share on other sites More sharing options...
smit2100 Posted 21July, 2021 Report Share Posted 21July, 2021 On 20/07/2021 at 19:13, Fishcop said: $65k on cars is going to capture nearly anyone buying a new car... That's getting harder though - all cash is tracked at a banking point and anything over $10k is referred to Austrac for prosperity. And you can see the writing on the wall - eventually they'll legislate against using cash for any purchases over a few thousand bucks. Reminds me of when I was in India, had a bunch of 1000 rupiah notes in my wallet that were f'n basically useless overnight. Indian government hit the black economy right between the eyes with a baseball bat. Illegal to accept 1000 rupiah notes anywhere for payment of goods. Only way to get credit for them was deposit them into a bank account and swap them for 500 notes. Couldn't get cash for 6 weeks. Huge queues at the bank and many banks couldn't get cash or the daily truck had that did the cash drop had the drop wiped out within the hour of opening. ATM's were useless. Huge police presence around banks for weeks . Then then boffins at the tax office were ramping up their bots cross checking off bank accounts and tax returns and serial note numbers from the reserve bank. Reckon a lot of cash undisclosed on property sales and hoarded had many see a sizable net worth dint to their balance sheet. The masses had no clue that was coming. I thought stoke of genius government policy executed at the highest level. Can you imagine Joshy pulling that. Has a nation wide press conference . Your pineapples and up are useless as of today. Go cash them in for 20's and 10's. If any businesses accept them (well give them by the end of the week to deposit existing pineapples and up in their business accounts), will fine them and lock the owners / directors up for accepting them. Would of been interesting to see the ratio of what was returned against what was issued If I didnt have a credit card, would have been screwed. Fishcop 1 Quote Link to comment Share on other sites More sharing options...
smit2100 Posted 21July, 2021 Report Share Posted 21July, 2021 13 hours ago, edgy said: These two, are kind of my point with regards to the insurance policy threshold... not a lot under $65k these days in new car land, and those who've prudently insured their assets as they increase in value with time falling into this threshold... I've not read through my policies for any particular language about them disclosing your policy details for such purposes (unless it involves crime?) So chicken or egg... I guess this is how they get around their classic/historic rego issue of no stamp duty payable? Let's be honest, classic cars are great for doing laundry with... A GT1 ? Whats the price of a mustang these days. From afar, I saw an article in WA recently with a banged up newish orange mustang after a shoot out near a Northern beaches pub between rival bikies / bikie gangs?. Is a mustang the next best thing to a harley on wheels. eg under the 65k limit and who needs insurance? Group discount perhaps to ensure they are under 65k Mod it using cash after the initial purchase. But then I saw an article shortly after reflecting a handful of boffins around a few computers at police Hq have done more damage from behind their screens than teams of detectives in taskforces have achieved over many years in terms of starting to make some in roads into hurting their business model. Eg They just follow the end of the cash trail when it goes digital in some form. Start with tax evasion, where did these asset comes from , a few not so random targeted search warrants at some legitimate registered businesses and employees homes and what do we have here. (Guns, drugs, money , assets with no receipts or evidence of payment through the business bank account or lease agreement or an personnel asset transfer can't be explained except proceeds of Crime perhaps. Combine with digital mobile phone tracing / tracking and a bit of digital footprint to join the dots if there are any slips of a conversation or text or sim card wasn't where it should of been. Quote Link to comment Share on other sites More sharing options...
Grimmy Posted 29July, 2021 Report Share Posted 29July, 2021 Peter you were early with the scoop ! Lead article on ABC this morning! ATO matches insurance info on luxury goods with declared incomes to catch out tax cheats - ABC News Bugger Looks like the RS 4.0 will have to go 😁 TwoHeadsTas and Troubleshooter 2 Quote Link to comment Share on other sites More sharing options...
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