According to Cointelegraph, the Australian Treasury launched a consultation on the implementation of the OECD Crypto-Asset Reporting Framework (CARF) on November 21. The framework aims to collect tax information on crypto asset transactions.
The consultation paper proposes two options for implementing CARF: integrating it into Australian tax law or taking a tailored approach that is more aligned with the needs of the Australian Taxation Office. CARF requires crypto exchanges and wallet providers to report specific transactions.
In 2022, the OECD released CARF to combat global crypto asset tax evasion. In 2023, 47 countries pledged to incorporate CARF into their national laws and planned to start information exchange in 2027.
Australia plans to begin CARF reporting requirements in 2026 with a view to exchanging information with other tax authorities in 2027. Other countries such as Canada, Switzerland and New Zealand are also implementing CARF.