Australia Plans Crypto Tax Reporting Rules

Australia’s Treasury wants feedback on new global rules for reporting crypto transactions. Launched on Nov. 21, the consultation focuses on making crypto taxes more transparent and cracking down on tax evasion.

What’s CARF About?

The Crypto-Asset Reporting Framework (CARF), created by the OECD in 2022, is a system for tracking crypto activity and sharing it with tax authorities worldwide. Australia and 46 other countries have agreed to adopt it.

What Are Australia’s Options?

The Treasury is deciding between two approaches:

Use CARF exactly as the OECD designed it.
Tailor it to fit Australian tax needs.

How It Could Work

CARF would require crypto platforms to report transactions, like digital asset purchases, to tax offices. Reporting could begin in 2026, with international data sharing by 2027. This gives crypto businesses time to update their systems.

Other Countries Adopting CARF

Canada: Rolling it out by 2026.

Switzerland: Discussing its integration through public consultations.

New Zealand: Plans to start reporting crypto activity in 2026 under new tax laws.