RBizz Corporate Accountants - Resources #AssetsRBizz Corporate Accountants - Resources #Assetshttps://www.rbizz.com.au/blogs/tag/assetsThu, 15 Oct 2026 14:49:57 +1100http://zoho.com/sites/<![CDATA[You Bought the Asset First and Told Your Accountant Second. Here's What That Order Costs.]]>https://www.rbizz.com.au/blogs/post/you-bought-the-asset-first-and-told-your-accountant-second.-here-s-what-that-order-costs.Ownership, funding and the date an asset is ready for use all shape the tax outcome, and each is decided before the contract is signed, not when the records reach the accountant.]]>
You Bought the Asset First and Told Your Accountant Second. Here's What That Order Costs.

You Bought the Asset First and Told Your Accountant Second. Here's What That Order Costs.

A new vehicle, equipment, a fit-out. The decision gets made on operational grounds, the money goes out, and the accountant hears about it months later when the records arrive. By then the most valuable tax decisions have already been made, without anyone checking them.

What Gets Decided Before You Sign

  • How the purchase is funded. Buying outright, financing, leasing and hiring all produce different tax outcomes, and the cheapest option on paper is not always the cheapest after tax.
  • Who owns it. The entity that holds the asset affects who claims the deduction, and moving it later can trigger its own tax cost.
  • When it is ready for use. For many deductions, the date the asset is installed and ready for use matters more than the date you paid. A purchase either side of 30 June can land in a different year.
  • Whether a limit applies. Vehicles in particular can be subject to caps that change what you can claim, regardless of what you paid.
  • What the GST position is. Claiming credits correctly depends on how the asset is used and how the purchase is documented.
  • Without an agent working to a lodgment program, the deadline is the only deadline. Missing paperwork, unreconciled business transactions, and unanswered questions all pile up in the final week, when there is no room left to chase them.

Why This Is Usually Missed

The purchase feels like an operational decision, not a tax one. And it is both, but only one of them has a deadline, which is the moment the contract is signed.

What to Do

  1. Make a short call or send an email to your accountant before you commit to a significant purchase.
  2. Ask three things: who should own it, how should it be funded, and when should it be ready for use?
  3. Keep the invoice, the contract and the date of first use together.


RBizz can run a purchase through the tax and cash flow numbers before you sign. Get in touch before your next significant purchase, not after.


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]]>Tue, 13 Oct 2026 10:43:12 +1100<![CDATA[Lifestyle assets data-matching program]]>https://www.rbizz.com.au/blogs/post/lifestyle-assets-data-matching-programOwn a luxury boat? Do you buy and sell fine art? The ATO is collecting this information through insurance policies to ensure you are meeting your tax obligations.]]>

Lifestyle assets data-matching program

The Australian Taxation Office (ATO) has announced that its data-matching program for lifestyle assets information obtained from insurance providers will continue for 2023–24 to 2025–26

Data items collected include policy details for assets covered by the program and associated identification details (such as names, addresses, phone numbers, dates of birth, ABNs and email addresses). This information will be matched against ATO lodgments to improve their tax compliance risk profiling and to provide a holistic view of your assets and accumulated wealth.

The lifestyle assets data-matching program allows the ATO to identify and address taxation risks, including omitted or incorrect reporting of income, capital gains, GST credits or fringe benefits tax. The program will also address inappropriate use of assets by self-managed superannuation funds (SMSFs), for example, where funds may be acquiring assets but applying them for the present-day benefit of members or other related parties.

Client information and policy details will be collected in relation to the following classes of assets:

  • Caravans and motorhomes valued from $65,000
  • Motor vehicles (including cars, trucks and motorcycles) valued from $65,000
  • Thoroughbred horses valued from $65,000
  • Fine art valued from $100,000 (per item)
  • Marine vessels valued from $100,000
  • Aircraft valued from $150,000.

You should be aware that capital gains tax may apply in relation to certain personal use assets or collectables. Where an asset purchased through your business is applied for personal use, liability for fringe benefits tax may arise. Special rules also prohibit personal use assets and collectables held by your SMSF from being used or leased by a related party.

If you have any questions about this data-matching program or would like to review your arrangements, please contact our office.

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