Australia Joins Global Coalition on Crypto-Asset Reporting
Australia has joined a coalition of 77 jurisdictions committed to adopting the Crypto-Asset Reporting Framework (CARF), designed to enhance tax transparency in the burgeoning digital asset sector. The Australian government has unveiled a draft piece of legislation, known as the Treasury Laws Amendment Bill 2026: Tax Information Reporting, aimed at facilitating the automatic exchange of cryptocurrency tax data on an international level. The public has until October 28 to provide feedback on this proposed bill.
Legislative Goals and International Standards
This new legislative effort seeks to conform Australian law to the standards set forth by the Organisation for Economic Co-operation and Development (OECD) by establishing a domestic reporting framework for cryptocurrencies. The initiative aligns with Australia’s previous indications of support for CARF, first expressed in November 2023, as well as its consultations on the matter that took place in late 2024.
Implementation Timeline and Future Outlook
The Australian government officially outlined its intentions to integrate CARF and create a domestic reporting regime in its Mid-Year Economic and Fiscal Outlook for 2025-26, projecting that the first exchange of crypto tax data with other nations will commence in 2028. This effort follows the OECD’s ratification of CARF in August 2022, a measure put in place to combat the risks of tax evasion associated with the increasing use of cryptocurrencies.
Public Engagement and Future Regulations
This legislative move comes ahead of the anticipated rollout of regulations concerning crypto platforms, with the Australian authorities seeking further contributions from the public ahead of the full implementation planned for 2027.
