Property and ‘lifestyle’ assets in the spotlight
Liz Gibbs • September 10, 2024

Property and ‘lifestyle’ assets in the spotlight

Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up.

The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those lucky enough to hold expensive lifestyle assets.


Investment property

What investment property owners declare and claim in their personal income tax returns is a constant focus for the ATO. Coming off the back of data matching programs reviewing residential investment property loan data, and landlord insurance, the ATO have initiated a new program capturing data from property management software from the 2018-19 financial year through to

2025-26. Data collected will include:

  • Property owner identification details such as names, addresses, phone numbers, dates of birth, email addresses, business name and ABNs, if applicable;
  • Details of the property itself - 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; and
  • Property transaction details - period start and end dates, transaction type, description and amounts, ingoings and outgoings, and rental property account balances.
  • While the ATO commit to specific data matching campaigns, since 1 July 2016, they have also collected data from state and territory governments who are required to report transfers of real property to the ATO each quarter.

This latest data matching program ramps up the ATO’s focus on landlords, specifically targeting those who fail to lodge rental property schedules when required, omit or incorrectly report rental property income and deductions, and who omit or incorrectly report capital gains tax (CGT) details.


Lifestyle assets

Data from insurance providers is being used to identify and cross reference the ownership of expensive lifestyle assets. Included in the mix are:

  • Caravans and motorhomes valued at $65,000 or over;
  • Motor vehicles including cars & trucks and motorcycles valued at $65,000 or over;
  • Thoroughbred horses valued at $65,000 or over;
  • Fine art valued at $100,000 per item or over;
  • Marine vessels valued at $100,000 or over; and
  • Aircraft valued at $150,000 or over.


The data collected is substantial including the personal details of the policy holder, the policy details including purchase price and identification details, and primary use, among other factors.


The ATO is looking for those accumulating or improving assets and not reporting these in their income tax return, disposing of assets and not declaring the income and/or capital gains, incorrectly claiming GST credits, and importantly, omitted or incorrect fringe benefits tax (FBT) reporting where the assets are held by a business but used personally.

 

Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.


Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation. 


Change Readiness
By Liz Gibbs July 4, 2025
Change is often seen as a leap into the unknown, but have you ever stopped to consider if your organisation is truly ready for it? According to recent discussions and research, there are five essential factors that determine an organisation’s change readiness—and most of us tend to overlook them in our rush to get star
Tax newsletter
By Liz Gibbs July 2, 2025
Welcome to our July 2025 newsletter—packed with key tax deadlines, updates, and tips to help you stay compliant and informed.
tax time
By Liz Gibbs July 2, 2025
Tax season is here, and we're ready to help make lodging your return as easy and stress-free as possible.
How to maximise your change success
By Liz Gibbs June 27, 2025
Let’s talk about change capability—a bit of a secret weapon when it comes to making change stick in any organisation. If you’ve ever wondered why some teams seem to breeze through big shifts while others get bogged down, the answer often comes down to capability, both at the individual and organisational level.
Starting a business
By Liz Gibbs June 26, 2025
Thinking of starting your own business? The ATO reminds new business owners that getting it right from the beginning is key to long-term success. Here are the top seven things to keep in mind
Flow
By Liz Gibbs June 19, 2025
Have you ever been so absorbed in a task that time seemed to disappear and everything just clicked? That’s the magic of “flow”. The world’s top performers regularly tap into this state to achieve their best work. 
Draw your vision
By Liz Gibbs June 13, 2025
Have you ever wondered how to turn your dreams into reality? According to Peter Drucker, “The best way to predict your future is to create it.” This week, we’re exploring a simple but powerful technique that helps you do just that: drawing your vision.
instant asset write off
By Liz Gibbs June 9, 2025
If you've purchased or are planning to purchase business assets this financial year, keep in mind that the instant asset write-off threshold is $20,000 for the 2025 income year.
Problem solving
By Liz Gibbs June 5, 2025
Struggling with a tough business problem? You’re not alone—and the good news is, there’s a simple, team-friendly tool that can help you crack it. Meet CEDAC: the Cause and Effect Diagram with the Addition of Cards—a powerful yet practical upgrade to the traditional fishbone diagram.
Profitability
By Liz Gibbs May 29, 2025
Improving your business’s profitability doesn’t have to be overwhelming. The Profit Formula is a simple yet powerful tool designed to help you identify and implement strategies that can make a real difference. It focuses on three key areas: increasing sales, reducing overheads, and decreasing variable expenses.
More Posts