The CRS policy has basically no impact on Australian real estate held in individual names.

1. CRS (Common Reporting Standard) is an automatic exchange standard for financial account tax-related information developed by the G20 entrusted by the OECD.

2. CRS mainly focuses on overseas financial assets, which mainly include: deposits in overseas banks, insurance policies with cash value, stocks of securities companies, trust beneficiary rights under a trust structure or equity of investment companies, etc.

2. Overseas real estate, jewelry, calligraphy and painting antiques, aircraft and yachts held in the name of an individual are not included in this list.

In other words, what CRS exchanges is overseas account information, and physical assets such as overseas real estate and jewelry held in personal names are not included in the exchange.

Therefore, as long as the overseas property is purchased reasonably, there is no need to worry at all.

Extended information: CRS mainly affects the following groups: 1. Chinese tax residents with overseas financial accounts.

Financial assets held outside China that comply with CRS regulations, such as deposits, securities, investment insurance products, investment funds, trusts, etc., may be regarded as local non-resident financial accounts and exchange information with the Chinese tax bureau.

?2. Non-Chinese tax residents whose financial assets are in China.

What is common is that the identity is abroad, but the financial assets are in China, such as overseas people who have been working and employed in China for many years.

Its account information will be collected, reported, and exchanged to the country of its tax residence.

?3. Those most affected by CRS are high-net-worth individuals.

In Australia, the CRS threshold for high and low net worth individuals is A$1 million.

It is worth noting that the information exchange of CRS is only for tax residents of other countries, that is, non-tax resident individuals and enterprises.

For example, an Australian permanent resident is not a tax resident of China, but if he has an account balance of more than 1 million yuan (USD) in China, the Chinese Taxation Bureau will exchange this information to the Australian Taxation Bureau.

On the contrary, if a Chinese resident, who is not an Australian tax resident, has financial assets of more than AUD 1 million in Australia, the Australian Taxation Office will exchange this information with the Chinese Taxation Bureau.

We have seen that the combination of CRS, the three tools of the U.S. Foreign Account Tax Compliance Act (FATCA) and the Base Erosion and Profit Shifting (BEPS) will launch the most powerful anti-tax avoidance movement in history.