CoinVoice has recently learned that, according to Bitcoin.com, the Australian Treasury is inviting the public to provide feedback on the implementation of the Organization for Economic Cooperation and Development (OECD)'s crypto asset reporting model.
In a consultation paper released on November 21, Treasury said implementing CARF, developed by the Organization for Economic Cooperation and Development (OECD), would "complement the government's efforts to strengthen tax transparency." The paper will explore the policy merits of incorporating the OECD model into domestic tax law and consider an implementation timeline that would minimize compliance costs.
The rapid growth of the cryptocurrency market is said to have created challenges for governments in terms of tax evasion and avoidance. To address this issue, the OECD developed CARF, which aims to improve international tax transparency by ensuring that crypto-related information is reported in a standardized manner. The framework is expected to enhance the ability of OECD countries to monitor and tax crypto-related activities, thereby reducing opportunities for tax evasion and avoidance.
CARF will require crypto intermediaries, such as exchanges and wallet providers, to report certain crypto transactions to tax authorities. This includes information on the purchase and sale of crypto assets. As explained in the consultation paper, Australia expects CARF reporting to begin sometime in 2026. [Original link]