Australia unveils proposed legislation to implement OECD cryptocurrency tax reporting standards
Among 77 jurisdictions pledging to implement CARF, Australia anticipates its initial cross-border exchanges of cryptocurrency tax information will commence in 2028.
Draft legislation has been published by Australia that would facilitate the automated sharing of cryptocurrency tax data across international borders.
The proposed legislation, known as the Treasury Laws Amendment Bill 2026: Tax information reporting, is accepting public feedback through Oct. 28. According to the Australian Treasury, the bill would create a legal structure to incorporate the Organisation for Economic Co-operation and Development (OECD) Crypto-Asset Reporting Framework (CARF) into Australia's legal system while also establishing a national cryptocurrency reporting framework.
The initial indication of Australia's commitment to adopt CARF came in November 2023, followed by consultation on the proposed implementation strategy in late 2024. The administration later revealed its intentions to put both CARF and a national crypto reporting system into action through its 2025–26 Mid-Year Economic and Fiscal Outlook, with cross-border exchanges of cryptocurrency tax data projected to commence in 2028.
In August 2022, the OECD gave approval to CARF as a measure to combat tax evasion challenges emerging from the expansion of crypto assets.