This means that China's financial institutions have been performing due diligence procedures in accordance with the Code since 20 17 1! Will Australian citizens and public relations and other non-resident individuals and companies account! Including bank deposits and other information! Collect and submit to People's Republic of China (PRC), State Taxation Administration of The People's Republic of China, China! After that, China Tax Bureau and other tax bureaus exchanged information with each other!

This policy also means that Australian citizens and PR have started to "streaking" their wealth in China!

All information will be exchanged on 20 18!

When Australian PR opens an account, personal information will be exchanged with ATO.

For Australian Chinese, people who have obtained permanent residency in Australia, or overseas Chinese who have lived abroad for more than a certain period of time, if they have constituted local tax residents according to the laws of the host country (region), they are non-resident individuals as defined in the Administrative Measures.

Financial institutions in China will identify their accounts opened in China according to the Administrative Measures, collect and submit account information, which will be exchanged by State Taxation Administration of The People's Republic of China, People's Republic of China (PRC) to the local tax authorities.

Similarly, for those who live abroad for a long time but are still tax residents in China, State Taxation Administration of The People's Republic of China, China will also exchange information with ATO, the Australian Taxation Bureau, to obtain their overseas account information.

After the introduction of this measure, it means that as long as you deposit some money in the bank, ATO Australian Taxation Bureau will give this information to China.

However, what impact does CRS have on those who hold overseas assets? What assets need to be declared? Under what circumstances can I evade declaration? Bian Xiao sorted out some possible questions about CRS.

Which asset types need CRS declaration?

CRS exchanges information about financial assets.

Therefore, China people or China investors buy properties in Australia.

Non-financial assets such as jewelry, calligraphy and painting do not need to be exchanged!

In addition, cash assets do not need to be exchanged.

Only the following information needs to be exchanged:

● Deposit account: that is, the money in your bank!

● Custody account: a special deposit account opened by the custodian for fund settlement of enterprise annuity funds due to investment and operation.

● Annuity contract: equal income or expenditure at the beginning of each period in the same time interval within a certain period.

● Holding equity/creditor's rights of financial institutions.

Within 9 months after the end of the year, the China Taxation Bureau and the Australian Taxation Bureau will exchange information such as the name, address, tax payment number, date of birth, account number and account balance, tax payment place, and the amount and total amount paid to the account every year!

Who will be affected by CRS?

● The first type is China tax residents with overseas financial accounts, that is, any financial assets outside China, such as deposits, securities, investment insurance products, investment funds and trusts. , can be regarded as a local non-resident financial account, and exchange information with China Taxation Bureau.

● The second type is non-China tax residents whose financial assets are in China (holders hold Australian PR and Australian temporary visas), that is, financial accounts in China will be regarded as "non-resident accounts" in China, and their account information will be collected, submitted and exchanged with the countries where their tax residents are located.

If you hold assets in Australia, what impact will CRS have on you?

If you have physical assets in Australia (such as houses, cars, land, yachts), don't worry at all, because it is not within the scope of CRS declaration.

But if it is a financial asset, be careful. For example, you have a stock account in Australia, or you have opened a bank account in Australia (whether it is a deposit account or an investment account).

The main information of these accounts will be collected, and by the middle of 20 18, financial institutions will report this information to the Australian Taxation Bureau.

Then, in the next three months, the Australian Taxation Bureau will report this information to the China Taxation Bureau.

What are the consequences of concealing or lying about the identity of taxpayers?

If you deliberately conceal or lie about your tax resident status,

After being discovered, it will be included in the money laundering list for relevant investigation.

In Australia, suspected money laundering is the highest or sentenced.

25 years in prison!

Can Australian citizens evade CRS declaration?

For example, an Australian citizen works or lives in China and spends most of his time in China, including his family in China.

From the tax point of view, he will still be regarded as a taxpayer in China.

Or an China citizen works or lives in Australia, and he also stays in China most of the time, including his family.

Then ATO will assume that he is a tax resident of Australia.

According to the regulations of the Australian Taxation Bureau, there is a difference between Australian tax residents and the Australian Immigration Bureau.

Even if you are an overseas passport holder, you will be regarded as a tax resident of Australia!

As long as the following requirements are met:

● Living in Australia

● Immigration to Australia and permanent residence in Australia.

● Have lived in Australia continuously for more than six months or more, and have worked in the same job or lived in the same place most of the time.

● Have lived in Australia for more than half a fiscal year (even if your home is overseas or you don't plan to live in Australia in the future).

● Going abroad temporarily and not planning to live permanently in another country.

● You are an international student studying in Australia and have registered for a course for more than six months.

These people will be regarded as taxpayers in Australia! And their financial system will be handed over to the Australian Taxation Bureau!

After reading so much, I want to remind everyone! CRS policy has been implemented! Information will be exchanged on 20 18!