Category
Alerts

Under its marine insurance data matching program the Australian Taxation Office (“ATO”) is obtaining over 100,000 insurance records. The Tax Office is specifically targeting owners with boats valued at more than $25,000.

The ATO will obtain boat insurance policy records issued from 30 June 2011 which include acquisition cost details and the make of the boat. Records will be obtained from insurers such as Suncorp, QBE Insurance, Club Marine Ltd and Nautilus Marine Insurance Agency.

These measures are part of the broader audit program of the ATO aimed at identifying high net worth individuals ($5 – $30 million net worth) who appear to be paying an unusually low amount of tax.

If you have any questions about the impacts of these measures please contact your Pilot Representative on (07) 3023 1300.