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Welcome to Gleeson & Partners
At Gleeson & Partners we appreciate the individuality of people and businesses and are committed to providing solutions tailored to suit your particular situation. We work alongside you to solve problems that arise and help you reach your financial goals.
The team of focused, friendly accountants at Gleeson & Partners offers a wide range of expertise and experience in business, taxation, financial planning, and wealth creation.
For more information on how our expertise can benefit you, contact us today!
ATO to Receive Data on Lifestyle Assets
As part of its lifestyle assets data matching program, the ATO will request five years' worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.
The data of about 350,000 taxpayers from 2015/16 to 2019/20 will be received as part of this data-matching program. The information provided will be used in the ATO's compliance profiling activities, to identify taxpayers that understate income, including capital gains, or claim GST credits incorrectly.
The information requested from insurers is on policies where the value of assets is equal to or exceeds the following thresholds:
• marine vessels $100,000
• motor vehicles $65,000
• thoroughbred horses $65,000
• fine art $100,000 per item, and
• aircraft $150,000.
Self-managed superannuation funds that the ATO suspects may be acquiring lifestyle assets purely for the personal enjoyment of the fund's trustee or beneficiaries are also likely to be looked at.