The Australian Taxation Office has launched a sophisticated data-matching program to look into the tax affairs of wealthy individuals who may have bought expensive cars, boats, planes, art and thoroughbred horses.

The program, which also involves contacting insurers to identify policy owners of various classes of insured assets that are often associated with wealth, will allow the ATO to make more accurate estimates of peoples' wealth to ensure they meet their tax obligations.

The ATO defines "wealthy individuals" as those who, together with their business associates, control net wealth of $5 million or more and it is expected that they will issue notices next month to insurance providers seeking details.

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