On 18 January 2016, the ATO posted this on their website.

The ATO is working with insurance providers to identify policy owners on a wider range of asset classes. These include: marine; aviation; enthusiast motor vehicles; fine art and thoroughbred horses.

This will provide the ATO with a more accurate estimate of taxpayers’ wealth, help the ATO to provide ‘tailored’ services to tax agents and ensure these taxpayers meet their tax obligations.

In January-February the ATO will issue formal notices to insurers to provide them with these policy details. They expect to receive 100,000 records where the different asset classes meet certain threshold amounts.

See also:

[ATO website] [LTN 10, 18/1/16]