The Australian Treasury releases a consultation paper on the adoption of the CARF.
The CARF, developed by the OECD, enables authorities to collect and share crypto tax-related information.
The department invites public feedback on the proposal, with the consultation closing on January 24, 2025.
The Australian Treasury has released a consultation paper addressing plans to enhance tax transparency by adopting the Crypto Asset Reporting Framework (CARF). Developed by the Organization for Economic Cooperation and Development (OECD), the CARF enables governments to collect and exchange tax-related information on crypto transactions.
Published on November 21, the consultation paper evaluates the feasibility of implementing the OECD’s model into Australian tax law. It explores the potential challenges, benefits, and adjustments needed to align the policy with domestic laws. The document also proposes a timeline for introducing CARF to reduce compliance costs for the crypto community and includes updates to the common reporting standard (CRS).
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