Australia releases draft bill to adopt OECD crypto tax reporting framework
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Australia has released a draft bill, the Treasury Laws Amendment Bill 2026: Tax information reporting, to adopt the OECD’s Crypto-Asset Reporting Framework (CARF) into national law. The legislation would allow automatic exchange of crypto tax information between countries and establish a domestic crypto reporting regime. The draft bill is open for public comment until October 28.
Why it matters
This development aims to enhance tax transparency and combat tax evasion related to crypto assets through international information sharing. The source implies that implementing CARF aligns Australia with global efforts to regulate crypto taxation and monitor crypto transactions more effectively.
Key context
Australia first expressed its intention to implement CARF in November 2023 and conducted consultations in late 2024. The government included CARF adoption in its 2025–26 Mid-Year Economic and Fiscal Outlook, projecting international exchanges of crypto tax information to start in 2028. The OECD approved CARF in August 2022 to address growing tax evasion risks from crypto asset usage.
Key numbers and entities
The draft legislation is titled Treasury Laws Amendment Bill 2026: Tax information reporting. The Organization for Economic Co-operation and Development (OECD) approved CARF in August 2022. Australia plans to begin international crypto tax information exchanges in 2028. The public comment period closes on October 28.
What remains unclear
The draft bill's detailed provisions and potential impacts on crypto users and businesses remain unspecified. The source does not provide information on penalties, compliance requirements, or how domestic reporting will operate alongside international exchanges.