ATO data matching of property data and lifestyle assets (from 26 August 2024)
The ATO has initiated a data matching program, obtaining property management data from property management software companies for the 2018–19 income year through to 2025-26.
As part of the program, the ATO will receive:
• Property owner identification details (names, addresses, phone numbers, dates of birth, email addresses, business name and ABNs, if applicable)
• Property details (property address, date property first available for rent, property manager name and contact details, property manager ABN, property manager licence number, property owner or landlord bank details)
• Property transaction details (period start and end dates, transaction type, description and amounts, ingoings and outgoings, and rental property account balance).
This ramps up the ATO’s continued focus on landlords, with the ATO specifically targeting taxpayers with rental properties who fail to lodge rental property schedules when required, who omit or incorrectly report rental property income and deductions, and who omit or incorrectly report capital gains tax details.
Separately, the ATO will obtain lifestyle asset data from insurance providers for the 2023-24 income year through to 2025-26. Under the program, the ATO will collect insurance policy data for certain classes of assets where the asset’s value is above certain thresholds:
• Caravans and motorhomes - $65,000
• Motor vehicles including cars & trucks and motorcycles - $65,000
• Thoroughbred horses - $65,000
• Fine art - $100,000 per item
• Marine vessels - $100,000
• Aircraft - $150,000
The data will include detailed client identification information (names, addresses, phone numbers, dates of birth, Australian business number, email address) and policy details (insurance brand name, policy number, policy inception date, start date of current policy, end date of current policy, last date policy was updated, total value insured, purchase price of the property insured, registration or identification number of the property, vehicle details (year, make, model), finance, policy cost, description of the property insured, primary use type).
The ATO will use this data to focus on taxpayers accumulating or improving assets with insufficient income reported in their tax returns, taxpayers disposing of assets and not declaring the income and/or capital receipts, incorrect claiming of GST credits and omitted or incorrect reporting of FBT from taxpayers purchasing assets for personal use through their business entities.