Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Failure to pay tax on private jets, luxury yachts and exotic cars could trigger a deeper investigation by the Australian Taxation Office (ATO) into how people earned the money to afford so-called “lifestyle assets”, according to tax specialists. The ATO expects to review the lifestyle assets of as many as 350,000 individuals using insurance company records to cross-check their value and ensure compliance with income and capital gains tax obligations.
Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Introducing your Newsfeed Follow the topics, people and companies that matter to you. Most Viewed In Wealth.
