Australia’s Treasury Department has released a consultation paper seeking feedback on applying an international reporting standard for cryptocurrency transactions. The initiative is part of a broader effort to enhance tax transparency and combat global tax evasion.
The consultation, launched on Nov. 21, focuses on implementing the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF). The OECD framework sets standardized rules for collecting tax data on crypto-asset transactions and sharing that information among tax authorities.
The paper presents two different options for implementing CARF: adopting the framework into Australian tax law or taking a more tailored approach that will target the needs of the Australian Taxation Office.
Adopting an international standard on crypto reporting
In 2022, the OECD — an intergovernmental organization creating international standards — developed and released CARF to combat global tax evasion using crypto assets.
The OECD developed CARF in 2022 to combat global tax evasion through crypto assets. In 2023, 47 countries, including Australia, committed to adopting the framework. The initiative is expected to enhance visibility into crypto transactions and bolster international information exchange.
Australia is now moving toward its goal of integrating CARF into its tax law by consulting with stakeholders.
OECD’s CARF will mandate crypto exchanges and wallet providers to report specific crypto transactions to the relevant tax authorities. The information collected would include digital asset purchases.
According to the consultation paper, CARF reporting requirements may start in 2026. The Treasury stated:
“Subject to a final decision of Government, it is envisaged that CARF reporting requirements would commence from 2026, to ensure the first exchanges between the ATO and other tax authorities could take place by 2027. This timeframe would also be subject to future legislative priorities.”
The Treasury also said this timeframe will provide enough lead time for reporting crypto providers to update their systems.
Related: G20 moves forward with international crypto framework
Other countries implementing CARF into tax laws
Apart from Australia, other jurisdictions have also started integrating CARF into their domestic laws. On April 18, Canada announced it would apply the framework by 2026. On May 18, Switzerland issued a public consultation for applying the standards to its local tax laws. The country also intends to implement the framework to enhance tax transparency for crypto assets.
Meanwhile, New Zealand introduced the framework in a new tax bill. On Aug. 27, the New Zealand Minister of Revenue submitted a proposal to implement the framework into its laws. Crypto providers are expected to collect information starting on April 1, 2026, and submit them by June 30, 2027.
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