The Australian Taxation Office (ATO) just released new CRS information on automatic exchange. A total of 1.4 million Chinese accounts were exchanged, involving assets worth approximately 200 billion RMB—far exceeding other countries and regions. As the largest hub for Chinese immigrants, Australia’s tax system is highly digitalized and intelligent. Chinese assets in Australia have nowhere to hide. Friends with investments in Australia or kids studying there, take note. What’s even scarier: Australia recognizes de facto relationships. Generally, cohabiting for 1-2 years can qualify as being considered a couple. Heads up ⚠️—the 5 million you transferred to your child’s account could potentially be deemed shared property with their partner… If they break up, it might get divided, even though the other person hasn’t officially become your son-in-law/daughter-in-law yet. With CRS data exchanges, the concern isn’t just about “paying back taxes,” but also about discrepancies with income declared in Mainland China. Global tax planning is a must for high-net-worth individuals.