PANews, November 23 - According to a report by News.bitcoin, the Australian Treasury has invited the public to provide feedback on implementing the OECD's cryptocurrency asset reporting framework. In a consultation document released on November 21, the Treasury stated that implementing the CARF developed by the Organisation for Economic Co-operation and Development (OECD) would "complement the government's efforts to enhance tax transparency." The document will explore the policy advantages of incorporating the OECD model into domestic tax law and consider a timeline for implementation that can minimize compliance costs. It is claimed that the rapid growth of the cryptocurrency market poses challenges for the government in terms of tax evasion and avoidance. To address this issue, the OECD developed the CARF, aimed at improving international tax transparency by ensuring that cryptocurrency-related information is reported in a standardized manner. The framework is expected to enhance the ability of OECD countries to monitor and tax cryptocurrency-related activities, thus reducing opportunities for tax evasion and avoidance. CARF will require cryptocurrency intermediaries, such as exchanges and wallet providers, to report specific cryptocurrency transactions to tax authorities. This includes information on the buying and selling of cryptocurrency assets. As explained in the consultation document, Australia expects CARF reporting to begin sometime in 2026.
