{"id":19548,"date":"2026-10-21T18:09:15","date_gmt":"2026-10-21T07:09:15","guid":{"rendered":"https:\/\/chuatan.com.au\/?p=19548"},"modified":"2026-10-21T18:11:55","modified_gmt":"2026-10-21T07:11:55","slug":"common-reporting-standard-australia-crs-reporting-trust-overseas-accounts","status":"publish","type":"post","link":"https:\/\/chuatan.com.au\/en\/common-reporting-standard-australia-crs-reporting-trust-overseas-accounts\/","title":{"rendered":"Common Reporting Standard Australia: CRS Reporting for Trusts"},"content":{"rendered":"<div class=\"ct-article\" data-no-translation>\n<p>Many Chinese and Asian families in Australia still hold bank or investment accounts in Hong Kong, Singapore, Malaysia or mainland China. Some were opened before migration; others belong to a family company or trust. A common assumption is that what sits overseas stays overseas.<\/p>\n<p>That assumption no longer holds. Under the Common Reporting Standard (CRS), banks and other financial institutions in more than 100 jurisdictions collect tax residency information from their customers and report accounts held by foreign tax residents to their local tax authority, which then passes the information to the customer&#8217;s home country. This article explains what is reported, how trusts are treated, and what to do if records are not in order.<\/p>\n\n<h2>What is the Common Reporting Standard?<\/h2>\n<p>The CRS is a standard developed by the OECD for the automatic exchange of financial account information between tax authorities. Each participating country requires its financial institutions to identify the tax residence of account holders and, for certain entities, of the people who control them, and to report foreign residents&#8217; accounts each year.<\/p>\n<p>In Australia the rules are in the taxation administration legislation and apply to Australian financial institutions from 1 July 2017. The ATO received its first batch of overseas account data in September 2018. Hong Kong, Singapore, Malaysia, Indonesia and mainland China all participate, and Hong Kong has exchanged information with both Australia and mainland China since 2018.<\/p>\n\n<h2>What information is reported<\/h2>\n<p>For each reportable account, the financial institution generally reports:<\/p>\n<ul>\n<li>the account holder&#8217;s name, address, jurisdiction or jurisdictions of tax residence and tax file or taxpayer identification number;<\/li>\n<li>for individuals, date of birth;<\/li>\n<li>the account number and the balance or value at the end of the year (or the fact that the account was closed);<\/li>\n<li>interest paid or credited on deposit accounts; and<\/li>\n<li>for custodial and investment accounts, dividends, other income and the gross proceeds from selling or redeeming financial assets.<\/li>\n<\/ul>\n<p>The information comes from the self-certification forms customers sign when opening an account or when circumstances change.<\/p>\n\n<h2>How trusts, companies and other entities are reported<\/h2>\n<p>Entities are treated differently depending on what they do. In broad terms:<\/p>\n<ul>\n<li><strong>A trust or company that mainly holds financial investments and is professionally managed<\/strong> may itself be a financial institution with its own reporting obligations, including about its beneficiaries and settlors.<\/li>\n<li><strong>A trust or company that is passive<\/strong> (for example, it holds a bank account and investments but is not professionally managed and does not run an active business) is usually treated as a &#8220;passive non-financial entity&#8221;. The bank then looks through it and reports its <strong>controlling persons<\/strong> if they are tax resident elsewhere.<\/li>\n<\/ul>\n<p>For a trust, controlling persons include the settlor, the trustees, any protector, the beneficiaries or classes of beneficiaries, and anyone else who exercises ultimate effective control. Under OECD guidance, discretionary beneficiaries of a trust that is itself a financial institution are generally reported in the years they receive a distribution, while beneficiaries with fixed entitlements are reported each year.<\/p>\n<p>Putting an overseas account in the name of a company or trust therefore does not take it outside CRS. The people behind the structure are often reported by name.<\/p>\n\n<h2>Australian residents with accounts in Hong Kong, Singapore or Malaysia<\/h2>\n<p>Australian residents for tax purposes must declare their worldwide income in their Australian tax return. That includes interest earned in a Hong Kong deposit account, dividends from Singapore shares held through a local broker, and rent or interest from Malaysia. Foreign tax paid may give rise to a foreign income tax offset.<\/p>\n<p>When a Hong Kong, Singapore or Malaysian bank reports an account held by an Australian resident, the ATO receives the balance and income figures and can compare them against what was declared. The ATO has said the data helps it check that Australian residents with overseas accounts comply with their obligations, and it urges people to make sure all foreign income and offshore assets are disclosed. Differences can lead to letters, reviews or audits, along with penalties and interest.<\/p>\n\n<h2>Family members who are mainland Chinese tax residents<\/h2>\n<p>Under China&#8217;s individual income tax law, a person domiciled in China, or who spends 183 days or more there in a year, is a resident taxpayer and is taxable on income from both inside and outside China, including overseas interest, dividends and gains on overseas shares.<\/p>\n<p>China receives CRS information from a large number of jurisdictions. Since 2025, Chinese tax authorities in several provinces have publicly reminded residents to review overseas income from prior years and to correct their filings, and have published examples of cases where additional tax was collected. In general terms, families should expect that Hong Kong accounts held by mainland residents are visible to the mainland tax authorities.<\/p>\n<p>Money gifted or lent from a parent&#8217;s Hong Kong account can therefore raise questions in both countries about its source and whether tax was paid. The PRC position depends on local rules and practice, and anyone affected should get advice from a qualified PRC tax adviser.<\/p>\n\n<h2>Voluntary disclosure in Australia<\/h2>\n<p>If foreign income has not been declared in past Australian returns, the ATO allows taxpayers to come forward voluntarily. The general rule is that penalties are reduced much more if the disclosure is made before the ATO tells the taxpayer it is examining their affairs. Once an audit or review has started, a disclosure may still reduce penalties, but by less. Interest may also be reduced in some cases. A voluntary disclosure does not require an admission of liability.<\/p>\n<p>A disclosure should be accurate and complete, so it is usually prepared with a tax adviser who can work out the correct amounts for each year.<\/p>\n\n<h2>Practical steps for families<\/h2>\n<ol>\n<li><strong>List every account.<\/strong> Include personal and joint accounts, accounts of family companies and trusts, and accounts where you are a controlling person.<\/li>\n<li><strong>Check the self-certifications.<\/strong> Make sure each bank holds your current address and correct tax residency. Update forms when you migrate, return home or change residency.<\/li>\n<li><strong>Check your structures.<\/strong> For any overseas trust or company, identify who the settlor, trustee, protector and beneficiaries are, and who the bank is likely to report.<\/li>\n<li><strong>Match accounts to tax returns.<\/strong> Compare the income on each account with what has been declared in Australia and, for family members overseas, in their home country.<\/li>\n<li><strong>Keep records of the source of funds.<\/strong> For gifts, loans and inheritances from overseas, keep bank records and written loan or gift documents.<\/li>\n<li><strong>Act early if something is missing.<\/strong> If past income has not been declared, speak to a tax adviser about a voluntary disclosure before the ATO contacts you.<\/li>\n<\/ol>\n\n<h2>Frequently asked questions<\/h2>\n<h3>Does the ATO know about my overseas bank account?<\/h3>\n<p>If the account is in a CRS jurisdiction and the bank records you as an Australian tax resident, its details, balance and income are generally reported to the ATO each year.<\/p>\n<h3>Is a family trust reported under CRS?<\/h3>\n<p>Usually, yes. Depending on the trust&#8217;s activities, it is either a reporting financial institution itself or treated as a passive entity, in which case the bank reports the trust&#8217;s controlling persons. Those include the settlor, trustees, any protector and the beneficiaries.<\/p>\n<h3>Do I have to declare interest from a Hong Kong account in Australia?<\/h3>\n<p>If you are an Australian resident for tax purposes, yes. Australian residents are taxed on their worldwide income, including overseas interest, dividends and gains, even if the money stays overseas.<\/p>\n<h3>What happens if I forgot to declare foreign income in past years?<\/h3>\n<p>You can amend your returns or make a voluntary disclosure. Penalties are usually reduced the most if you come forward before the ATO notifies you of a review or audit.<\/p>\n\n<h2>How Chua Tan Associates can help<\/h2>\n<p>Chua Tan Associates helps families with assets in Australia and Asia understand how their trusts, companies and overseas accounts fit together, and where CRS reporting may expose gaps in their records or estate plans. Justin Chua trained in accounting and works alongside the family&#8217;s accountant and tax adviser, and with local lawyers in Hong Kong, Singapore, Malaysia and mainland China where advice there is needed. We can review trust deeds and structures, prepare Wills and estate plans that deal with overseas accounts, document gifts and loans from family overseas, and arrange notarised documents for use abroad. We advise in English, Mandarin and Cantonese, and recommend that any disclosure or tax position be settled with a qualified tax adviser in each country.<\/p>\n<h2>Related reading<\/h2>\n<ul class=\"ct-related\"><li><a href=\"\/en\/does-family-trust-protect-assets-from-creditors-trust-asset-protection-bankruptcy\/\">Does a Family Trust Protect Assets From Creditors? Bankruptcy Limits<\/a><\/li><li><a href=\"\/en\/trust-distribution-to-non-resident-beneficiary-australia\/\">Trust Distribution to a Non-Resident Beneficiary in Australia<\/a><\/li><li><a href=\"\/en\/inheritance-from-overseas-australia-tax\/\">Inheritance From Overseas: Australian Tax and Moving the Money<\/a><\/li><li><a href=\"\/en\/can-beneficiary-see-trust-documents-beneficiary-rights-family-trust\/\">Can a Beneficiary See Trust Documents? Family Trust Rights<\/a><\/li><\/ul>\n<p><em>Chua Tan Associates acts for families, executors, trustees and their professional advisers in estate planning, estate administration and estate disputes in Australia and across borders. To arrange a confidential consultation, please contact our Melbourne office on +61 3 9602 3988 or submit an <a href=\"#ct-enquiry\">enquiry<\/a>. Advice is available in English, Mandarin and Cantonese.<\/em><\/p>\n<p class=\"ct-byline\"><em><a href=\"\/en\/justin-chua\/\">Justin Chua<\/a> (\u8521\u667a\u52cb), lawyer and mediator, Chua Tan Associates, Melbourne. General information only, not legal or tax advice.<\/em><\/p>\n<\/div>\n\n\n<div id=\"ct-enquiry\" class=\"ct-eq\" data-no-translation>\r\n<style>.ct-eq{background:#f4f1ea;border:1px solid #e3ddd0;border-radius:10px;padding:22px 24px;margin:32px 0;font-size:16px;line-height:1.6}.ct-eq h2,.ct-eq h3{margin:0 0 6px}.ct-eq p{margin:0 0 12px}.ct-eq form{display:grid;grid-template-columns:1fr 1fr;gap:12px}.ct-eq label{display:block;font-size:14px;font-weight:600;margin-bottom:4px}.ct-eq input,.ct-eq select,.ct-eq textarea{width:100%;box-sizing:border-box;padding:10px 12px;border:1px solid #cfc6b4;border-radius:6px;font-size:16px;background:#fff}.ct-eq .full{grid-column:1\/-1}.ct-eq button{background:#8a6a3b;color:#fff;border:0;border-radius:6px;padding:12px 22px;font-size:16px;cursor:pointer}.ct-eq .hp{position:absolute;left:-9999px}.ct-eq small{color:#5f5a50}.ct-eq .ok{background:#e7f3e8;border-left:4px solid #3c8d40;padding:12px 16px}.ct-eq .bad{background:#fbeaea;border-left:4px solid #b03a2e;padding:12px 16px}.ct-eq .ct-direct{display:flex;flex-wrap:wrap;gap:10px;margin-top:14px}.ct-eq .ct-direct a,.ct-eq .ct-direct button{background:#fff;color:#2b2b2b;border:1px solid #cfc6b4;padding:9px 14px;border-radius:6px;text-decoration:none;font-size:15px}@media(max-width:640px){.ct-eq form{grid-template-columns:1fr}}<\/style>\r\n<h3>Tell us about the estate<\/h3>\r\n<p>A short message is enough. We reply in English, Mandarin or Cantonese, and quote fees in writing before any work starts.<\/p>\r\n<form method=\"post\" action=\"https:\/\/chuatan.com.au\/wp-admin\/admin-post.php\">\r\n<input type=\"hidden\" name=\"action\" value=\"ct_estate_enquiry\">\r\n<input type=\"hidden\" name=\"ct_ts\" value=\"1792601581\">\r\n<input type=\"hidden\" name=\"ct_lang\" value=\"en\">\r\n<input type=\"hidden\" name=\"ct_page\" value=\"https:\/\/chuatan.com.au\/en\/common-reporting-standard-australia-crs-reporting-trust-overseas-accounts\/\">\r\n<div class=\"hp\" aria-hidden=\"true\"><label>Website<input type=\"text\" name=\"ct_website\" tabindex=\"-1\" autocomplete=\"off\"><\/label><\/div>\r\n<div><label for=\"ct_name\">Your name *<\/label><input id=\"ct_name\" name=\"ct_name\" required maxlength=\"120\"><\/div>\r\n<div><label for=\"ct_email\">Email<\/label><input id=\"ct_email\" name=\"ct_email\" type=\"email\" maxlength=\"160\"><\/div>\r\n<div><label for=\"ct_phone\">Phone, WeChat or WhatsApp<\/label><input id=\"ct_phone\" name=\"ct_phone\" maxlength=\"80\"><\/div>\r\n<div><label for=\"ct_language\">Preferred language<\/label><select id=\"ct_language\" name=\"ct_language\"><option>English<\/option><option>Mandarin<\/option><option>Cantonese<\/option><\/select><\/div>\r\n<div><label for=\"ct_type\">What do you need help with?<\/label><select id=\"ct_type\" name=\"ct_type\"><option value=\"\">Please choose<\/option><option>Someone has died and there is a Will<\/option><option>Someone has died and there is no Will<\/option><option>Someone has died and I am not sure if there is a Will<\/option><option>Making or updating a Will or estate plan<\/option><option>Executor or trustee question<\/option><option>A dispute about an estate<\/option><option>Other<\/option><\/select><\/div>\r\n<div><label for=\"ct_state\">Where are the assets?<\/label><select id=\"ct_state\" name=\"ct_state\"><option value=\"\">Please choose<\/option><option>Victoria<\/option><option>New South Wales<\/option><option>Queensland<\/option><option>Western Australia<\/option><option>South Australia<\/option><option>Tasmania<\/option><option>ACT<\/option><option>Northern Territory<\/option><option>More than one state<\/option><option>Overseas as well<\/option><option>Not sure<\/option><\/select><\/div>\r\n<div class=\"full\"><label for=\"ct_time\">Best time to contact you (optional)<\/label><input id=\"ct_time\" name=\"ct_time\" maxlength=\"120\"><\/div>\r\n<div class=\"full\"><label for=\"ct_msg\">Brief details (optional)<\/label><textarea id=\"ct_msg\" name=\"ct_msg\" rows=\"4\" maxlength=\"3000\"><\/textarea><\/div>\r\n<div class=\"full\"><button type=\"submit\">Send enquiry<\/button><br><small>We use your details only to respond to your enquiry. Sending this form does not create a lawyer\u2013client relationship. <a href=\"\/privacy-policy\/\">Privacy<\/a><\/small><\/div>\r\n<\/form>\r\n<div class=\"ct-direct\"><strong style=\"width:100%\">Or contact us directly<\/strong>\r\n<a href=\"tel:+61396023988\">Call +61 3 9602 3988<\/a>\r\n<a href=\"mailto:chuatan@tpg.com.au\">chuatan@tpg.com.au<\/a>\r\n<a href=\"https:\/\/wa.me\/61490369102\" target=\"_blank\" rel=\"noopener\">WhatsApp +61 490 369 102<\/a>\r\n<button type=\"button\" class=\"ct-wechat\" data-msg=\"WeChat ID copied\">WeChat: chuatan262<\/button>\r\n<\/div>\r\n<\/div>\r\n\t\n\n<div class=\"ct-guides\" data-no-translation><style>.ct-guides{margin:28px 0}.ct-guides ul{display:grid;grid-template-columns:repeat(auto-fit,minmax(230px,1fr));gap:10px;list-style:none;padding:0;margin:10px 0 0}.ct-guides li{margin:0}.ct-guides a{display:block;padding:12px 14px;border:1px solid #e3ddd0;border-radius:6px;text-decoration:none;background:#fff;height:100%}<\/style><h3>Estate guides<\/h3><ul><li><a href=\"\/en\/do-i-need-probate\/\">Do I need probate? 2-minute check<\/a><\/li><li><a href=\"\/en\/what-to-do-when-someone-dies\/\">What to do when someone dies: 30-day checklist<\/a><\/li><li><a href=\"\/en\/letters-of-administration-victoria\/\">No Will? Letters of administration and who inherits<\/a><\/li><li><a href=\"\/en\/estate-planning-victoria\/\">Estate planning: Will, power of attorney, medical decisions<\/a><\/li><li><a href=\"\/en\/testamentary-trusts\/\">Testamentary trusts<\/a><\/li><li><a href=\"\/en\/superannuation-and-your-will\/\">Superannuation and your Will<\/a><\/li><li><a href=\"\/en\/executor-disputes\/\">Executor problems and disputes<\/a><\/li><li><a href=\"\/en\/professional-executor-trustee\/\">Professional executor &amp; trustee services<\/a><\/li><li><a href=\"\/en\/%E5%AE%A2%E6%88%B7%E8%AF%84%E4%BB%B7\/\">Client reviews<\/a><\/li><\/ul><\/div>","protected":false},"excerpt":{"rendered":"<p>Many Chinese and Asian families in Australia still hold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,787516595,106],"tags":[],"class_list":["post-19548","post","type-post","status-publish","format-standard","hentry","category-25","category-cross-border-families","category-trusts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.2 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Common Reporting Standard Australia: CRS Reporting for Trusts | Chua Tan Associates<\/title>\n<meta name=\"description\" content=\"What banks report under the Common Reporting Standard, how trusts and 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