In a blink of an eye, the tax season has passed halfway.

 

Every Chinese in Australia, have you filed taxes in accordance with the law?

 

After all, the Australian Taxation Office (ATO) has stated that this year will be the strictest fiscal year in history!

 

(Image source: News.com.au)

 

Recently, the ATO is ready to move again. This time, they are targeting the residents' undeclared overseas income...

 

Australia is no longer the original "tax haven".

 

If the Chinese who have not filed a tax return have overseas income, don't forget to declare it truthfully!
Otherwise, you may be fined and ruined!

1.ATO strictly inspects overseas income

According to News.com.au, ATO recently targeted offshore bank accounts of Australian residents.

 

(Image source: News.com.au)

 

According to statistics, the funds deposited in these offshore accounts,

At least 1000 billion Australian dollars!

 

The ATO found that a large part of the money was undeclared overseas income.

 

With so many funds "impulsive", how can ATO let it go?

 

As a result, they recently set up a group to investigate overseas income. As long as they fail to report truthfully, taxpayers will be punished severely!

 

(Image source: News.com.au)

 

ATO Deputy Director Karen Foat said in a statement today: “This year we have received records of over 160 million overseas accounts with a total capital of 1000 billion Australian dollars.”

 

In order to improve work efficiency, ATO is analyzing undeclared overseas income through data matching.

 

However, today, unlike the past, Australia has officially joined the International Data Sharing Agreement (CRS).

 

This also means that ATO has greater power in tracking funds across borders!

 

(Image source: HXL Partner)

 

According to the latest Common Reporting Standard of CRS, ATO can obtain account information of overseas taxpayers in up to 65 countries.

(Image source: News.com.au)

 

These 65 countries also include China, Singapore and other countries where Chinese live...

 

Moreover, ATO has found that many residents have conducted overseas financial transactions in these countries. The information in their hands includes relevant account holders, account balances, interest and dividend payments, asset sales proceeds and other income, etc.

 

Is equivalent to saying,

Every move of Chinese in overseas accounts,

All are clearly seen by ATO!

 

According to reports, the income of these offshore accounts is often obtained from investments, overseas work or transfers from family members.

 

In fact, many people can't imagine that their overseas income should be reported to ATO.

 

The ATO has also taken this into consideration. They believe that only "a few people" will deliberately avoid taxes. What is even more worrying is that most people do not understand their tax obligations.

 

(Image source: The Australian)

 

Deputy Director Foat also explained, she said:

 

"If you are an Australian citizen, you must declare all overseas income, regardless of the amount, including offshore investment, employment, pensions and overseas income or overseas income."

 

"Either the rental income of your old house or the wages earned from overseas work must be reported. Moreover, even if you have paid overseas income tax, you still have to report to the Australian Taxation Office."

 

(Image source: Nine News)

 

Those who intend to transfer their cash assets overseas should be more vigilant!

 

Because of this action, the "secrets" you have hidden for a long time will be revealed...

 

2,There is no "tax haven" in the world

This time ATO hits hard,

Once again a wake-up call to all Chinese Australians:

 

In this world,

There is no such thing as a "tax haven" for a long time!

 

Starting from September 2018, 9, you have been a "transparent person" in the eyes of the Australian Taxation Office because

 

Since then, the CRS agreement between China and Australia

It has been officially implemented.

The first time between the two countries

Tax information exchange!

 

(Image source: ATO)

 

This move not only solves the problem that taxpayers may use opaque cross-border information to evade tax, but also allows the Australian government to understand whether Chinese buyers buy houses in Australia legally to pay taxes; it also allows China to track down economic fugitives in Australia...

 

 

In short:

Get more in one fell swoop.

 

Then some friends will ask: "If I do not have a PR and am not an Australian citizen, will I be checked if I open an account in Australia?"

 

The answer is yes.

 

When China and Australia exchange tax information for the first time, the basic information of all residents who opened an account in Australia, such as name, address, birthday, account number, account balance, major transaction records, bank deposit accounts, custody accounts, insurance contracts, etc. , Has all been exchanged and shared by the tax bureaus of the two countries.

 

 

In other words, whether you are an Australian citizen, PR, international student or real estate investor, in the eyes of ATO, you are a

 

Hollow Man!

 

Such a thorough transparency of transnational assets,

Many Chinese shivered.

 

 

It is worth noting that with the formal implementation of CRS, the world has moved towards the path of asset transparency.

 

In addition to China and Australia, the first batch of exchanges also included the so-called "tax havens", Cayman, British Virgin Islands, Bermuda and other regions. These places used to be global capital and personal operating funds, hidden wealth and tax avoidance. The "paradise".

 

 

And now, it has all fallen,

In this world,

There is no longer a "tax haven"!

 

As ATO said today:

(Image source: News.com.au)

 

You can no longer hide,

You have nowhere to hide!

 

At last,

We want to remind everyone again:

 

There are still 2 months before the end of the tax filing, and there is still time to make up the foreign income that I forgot to report!

Don't take a chance and "picked up sesame seeds and lost watermelon" in the end.