According to Deep Tide TechFlow news on November 23, as reported by Bitcoin.com, the Australian Treasury has invited the public to provide feedback on the implementation of the OECD's crypto assets reporting framework.
In the consultation document released on November 21, the Treasury stated that the implementation of the CARF developed by the OECD would 'complement the government's efforts to enhance tax transparency.' The document will explore the policy benefits 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 has posed challenges for governments in terms of tax evasion and avoidance. To address this issue, the OECD has developed the CARF, aimed at improving international tax transparency by ensuring that crypto-related information is reported in a standardized manner. This 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.
The CARF will require crypto intermediaries, such as exchanges and wallet providers, to report specific crypto transactions to tax authorities. This includes information on the buying and selling of crypto assets. As explained in the consultation document, Australia expects CARF reporting to commence sometime in 2026.
