Wealthy Australians owning yachts, fine art, high end luxury cars and private jets are on notice from the Tax Office, as it raids insurance records of  about 350,000 people for use in tax avoidance investigations.

The Australian Taxation Office said on Wednesday it would request another five years' worth of insurance policy data from 30 companies, tracking taxpayers paying big sums for "lifestyle assets" including boats, racehorses, artworks, high value cars and aircraft.