The Australian Taxation Office (ATO) has just announced the #CRS proactive information exchange.

There are 1.4 million Chinese accounts being exchanged, with approximately 200 billion RMB in assets—far higher than in other countries and regions.
As Australia is the largest hub for Chinese people, the Australian Taxation Office is highly digitalized and intelligent, and Chinese people’s assets in Australia can’t be hidden anywhere.
For friends who are planning in Australia and have children studying in Australia, please take note.
Even scarier is this: Australia recognizes common-law marriage. In general, cohabiting for 1-2 years can be recognized as spouses. Pay attention ⚠️: The 5 million yuan you transferred to your child’s account might be considered joint property with your child... If you break up, it could be divided—even though the other party hasn’t yet become a daughter-in-law/son-in-law.
Once CRS information is exchanged back, the issue isn’t just about “making up tax,” but about mismatches between reported income in Mainland China.
Global tax planning is a must for high-net-worth individuals.