What is ATO Lifestyle Expense Tax Audit

Last week, the Australian Taxation Office (ATO) announced its focus on lifestyle expense tax audit for Fy2021, targeting around 300,000 taxpayers. The ATO is gathering evidence from insurance companies to determine the value of certain goods purchased, such as luxury cars exceeding $65,000, boats over $150,000, and art and collectibles valued at over $100,000.00. In […]