According to ChainCatcher news, as reported by Bitcoin.com, the Australian Treasury has invited the public to provide feedback on the implementation of the OECD's crypto asset reporting model.
In a consultation document released on November 21, the Treasury stated that implementing CARF developed by the Organisation for Economic Co-operation and Development (OECD) will '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.
Allegedly, 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 CARF, aimed at improving 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 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 begin at some point in 2026.
