Australia's Treasury has launched a consultation on integrating the Organisation for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF) into the nation's tax system.
This initiative, announced on 21 November, aims to enhance tax transparency and combat global tax evasion through standardised reporting of cryptocurrency transactions.
The OECD's CARF, introduced in 2022, establishes rules for collecting and exchanging tax data on crypto-asset transactions between authorities. By 2023, 47 countries, including Australia, committed to adopting the framework. Now, Australia's Treasury is seeking feedback on two potential implementation approaches: directly adopting the OECD's framework or tailoring it to meet the specific requirements of the Australian Taxation Office (ATO).
Under CARF, crypto exchanges and wallet providers would report specific transactions, such as digital asset purchases, to relevant tax authorities. The Treasury anticipates these reporting requirements to commence in 2026, enabling data exchanges between the ATO and international counterparts by 2027. This timeline allows sufficient time for providers to update their systems.
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."
Australia's move aligns with similar steps taken by other jurisdictions. Canada plans to implement CARF by 2026, Switzerland held consultations earlier this year, and New Zealand introduced a tax bill incorporating the framework, with reporting set to begin in April 2026.