Australia Unveils Draft Bill to Implement OECD Crypto Tax Reporting Framework
The Australian government has released a draft bill to enable automatic exchange of crypto tax information internationally. The legislation aims to incorporate the OECD's Crypto-Asset Reporting Framework (CARF) into domestic law and establish a national crypto reporting system. Public consultation on the draft is open until October 28, with international crypto tax data exchanges expected to commence in 2028.
Key Provisions of the Draft Bill
The 'Treasury Laws Amendment Bill 2026: Tax information reporting' aims to establish a framework to implement the CARF standard into Australian law. It introduces a domestic reporting regime for crypto transactions, enabling automatic collection and exchange of tax information between countries.
The draft bill is available for public consultation until October 28, 2025, allowing stakeholders to provide feedback and suggestions during this period.
Background and Implementation Timeline
Australia first announced its intent to implement CARF in November 2023 and consulted on its proposed approach in late 2024. The government officially confirmed plans for both international and domestic crypto reporting regimes in its 2025–26 Mid-Year Economic and Fiscal Outlook.
International exchanges of crypto tax information are expected to begin in 2028, following the OECD's approval of CARF in August 2022. The initiative addresses risks related to tax evasion amid the expanding crypto asset market.
Why it matters
This development is significant for enhancing transparency and combating tax evasion in the rapidly expanding cryptocurrency sector worldwide. By integrating the international CARF standard into Australian law, the country will be better equipped to exchange tax information with other nations, strengthening compliance and oversight regarding digital assets. It marks a move towards harmonizing tax approaches across the global crypto market and reinforcing international cooperation.
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