[SydneyChris]

Originally Posted by spookypt

I had a discussion with an ATO contact over Easter and he was telling me about the current audit they are doing with Insurance companies on enthusiast vehicle values etc. See below.

https://www.ato.gov.au/General/Gen/M...gram-protocol/

He said they plan on doing 2 things relating to the domestic enthusiast vehicle.

1. Marry up insured value against stamp duty paid at rego to ensure defrauding wasn't occurring at the transfer stage.... (No one does that do they?)

2. As well as bringing in a capital gains tax on enthusiast vehicles, horses, art etc on any profit earnings.

I said it wont happen and he retorted quickly, it already is!!!

Be aware, although in the end I don't think there is much anyone can do about it.

Spookypt

Do we get to claim depreciation and capital losses as well.. or doesnt the ATO work like that..