ATO extends racehorse review

ATO extends racehorse review

The Australian Taxation Office will extend its review of a data matching audit which includes thoroughbred racehorse as ‘lifestyle assets’ fora further five years.

Having originally taken into account information from the years 2014 and 2015, the study will now continue until the end of the 2020 financial year. A total of 31 insurers will share information with the ATO,who anticipate obtaining records for more than 350,000 policies per year.