The Australian Taxation Office will use insurance company records to cross-check the value of “lifestyle” assets, including fine art, private aircraft, yachts and racehorses, to ensure owners are correctly paying tax and complying with capital gains obligations.

The affairs of an estimated 2.3 million owners of investment properties will also be examined to identify potential abuse of tax concessions for properties purchased as homes but rented or left unoccupied. Declaration of rental income and capital gains are also in the spotlight.