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  • Why we look at lifestyle assets

    The lifestyle assets data-matching program will allow us to identify and address a number of taxation risks, including:

    • taxpayers accumulating or improving assets with insufficient income reported in their tax returns to show the financial means to pay for them
    • income tax and capital gains tax (CGT) – taxpayers disposing of assets and not declaring the revenue and/or capital gains on those disposals
    • goods and services tax (GST) – taxpayers may be purchasing assets for personal use through their business or related entities and claiming GST credits they are not entitled to
    • fringe benefits tax (FBT) – taxpayers may be purchasing assets through their business entities with no apparent nexus with their business activities, but rather applying those assets to the personal enjoyment of an associate or employee giving rise to a fringe benefits tax liability
    • self-managed super funds (SMSFs) may be acquiring assets but applying them to the benefit of the fund's trustee or beneficiaries.
      Last modified: 14 Jul 2021QC 66385