The Australian Tax Authority has published its first annual report with Common Reporting Standard (CRS) statistics that contains aggregate information on Australian financial accounts held by foreign tax residents as at 31 December 2018.

The statistics showed that there foreign tax residents hold over six million Australian bank accounts worth over AUS$208 billion.

Three jurisdictions that stood out were China with over 900,000 accounts holding over $24 billion, the UK with almost 600,000 accounts worth over $25 billion and the US with over 500,000 accounts amounting to $73 billion. At the same time the UK Crown Depende...