Australia has released draft legislation to implement the Organisation for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF) domestically, with the Treasury Laws Amendment Bill 2026: Tax Information Reporting now open for public consultation until October 28, 2026. According to the Australian Treasury, the proposed legislation would establish a separate crypto reporting regime in Australia and introduce a domestic crypto reporting framework. The bill represents the government's commitment to implement both CARF and a domestic crypto reporting regime as announced in its 2025–26 Mid-Year Economic and Fiscal Outlook, with international exchanges of crypto tax information expected to begin in 2028. The Australian Treasury stated that these measures are designed to enhance tax transparency and help authorities track crypto-related financial activities more effectively across jurisdictions, creating a comprehensive system for sharing crypto tax data with partner countries.
The OECD reports that 77 jurisdictions have committed to implementing its Crypto Asset Reporting Framework by 2029. As reported by the OECD, the framework requires participating jurisdictions to establish domestic reporting laws, activate international exchange agreements, and use an agreed electronic format for transmitting information. Australia's first international exchanges of crypto tax information under the framework are currently planned for 2028, with the OECD scheduling first exchanges for 2027, 2028, or 2029 depending on the jurisdiction. The OECD approved CARF in August 2022 to address tax evasion risks arising from the growth of crypto assets, providing a comprehensive framework for global crypto tax compliance. By adopting CARF, Australia seeks to reinforce international cooperation and close existing gaps in tax collection that can arise from the decentralized and borderless nature of cryptocurrencies.
The proposed framework would establish reporting arrangements for crypto transactions involving Australian residents, allowing information to reach the Australian Taxation Office (ATO) through domestic reporting requirements. According to the OECD, covered crypto service providers must collect information about qualifying users and transactions, with customer identification requirements and reporting on relevant crypto transfers and exchanges. Information required under the international standard includes identifying details of reportable users and transaction data for covered crypto assets, covering exchanges between crypto assets and traditional currencies, exchanges between different crypto assets, and certain transfers involving crypto assets. Under the framework, crypto service providers will collect user and transaction data and pass it to tax authorities, who can then share it with other participating countries, enabling automatic exchange of crypto tax information between countries. The proposed rules are designed to create a system where tax information originating from crypto asset transactions can be automatically shared with foreign authorities, supporting a collective effort to counteract tax evasion using digital assets.
Australia's current proposal follows several years of work on international tax reporting arrangements, with the government joining other jurisdictions in committing to the OECD-developed framework in November 2023. The Australian Treasury published a joint statement on November 10, 2023, outlining that commitment, with participating governments calling for the "widespread, consistent and timely implementation" of CARF. Australia subsequently opened consultation on the framework in November 2024, examining how the country should introduce the reporting standard and amend its existing Common Reporting Standard, with the consultation closing in January 2025. The draft bill represents the final legislative step in this multi-year regulatory development process, with stakeholders able to submit feedback until late October to ensure the framework addresses both domestic and international needs before becoming law.
Alongside the tax reporting proposal, Australia is developing separate rules for companies offering digital asset trading and custody services. According to reports, the Australian Securities and Investments Commission recently opened consultation on new cryptocurrency exchange and custody requirements, with industry feedback due November 27. The regulator's proposed licensing standards address financial resources, customer asset protection, and trading practices, forming part of Australia's digital asset financial services framework with a separate implementation schedule from the Treasury's tax reporting proposal. These developments also dovetail with wider plans to introduce rules for crypto trading platforms, with a rollout currently anticipated in 2027. Australia's draft framework positions the country to participate in a growing network of nations seeking to oversee cryptocurrency markets and strengthen tax collection mechanisms in the digital economy.
