Global Daily Tax News, Australia Publishes CRS Data On Accounts Held Offshore, (Apr 21, 2025)

On April 14, the Australian Taxation Office published a breakdown of the funds held by Australian taxpayers offshore, based on data obtained under the Common Reporting Standard in 2023.

The information was requested and presented before both houses of parliament.

The assets figure for each territory provided is the sum of cash, securities, bonds, commodities, partnership interests, and debt interests and equity interests held by Australian tax residents overseas.

The data shows the greatest holdings were reported in China (AUD35.8 trillion), next followed by the USA (USD32 trillion), Hong Kong (19.7 trillion), Singapore (AUD16.9 trillion), and the UK (AUD15.9 trillion).

Among low-tax offshore finance centers, the greatest holdings were in Switzerland (AUD2.5 trillion), which placed 14th among reporting territories in terms of reported holdings, next followed by the Cayman Islands (16th, AUD2.29 trillion), the British Virgin Islands (19th, AUD1.58 trillion), the United Arab Emirates (20th, AUD1.53 trillion), and Jersey (21st, AUD1.5 trillion).

While publication of this information is atypical internationally, the ATO publishes these statistics annually.