Australia Unveils Draft Bill for Global Crypto Tax Reporting Standards
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Australia has released draft legislation to implement the OECD's Crypto-Asset Reporting Framework (CARF), aiming for international tax data exchange by 2028. The bill opens public consultation until O
Australia has taken a significant step towards international tax transparency for digital assets by releasing draft legislation designed to incorporate the Organisation for Economic Co-operation and Development's (OECD) Crypto-Asset Reporting Framework (CARF). This proposed bill, known as the Treasury Laws Amendment Bill 2026: Tax information reporting, is now open for public comment, with submissions due by October 28. The legislation aims to establish a robust system for the automatic exchange of crypto tax information between Australia and other participating jurisdictions.
The core of this initiative is the adoption of CARF, a global standard developed by the OECD to address tax evasion risks associated with the rapidly expanding cryptocurrency market. The framework mandates that crypto asset service providers collect and report information on their customers' transactions and holdings. This data will then be shared with tax authorities in other countries, ensuring a more unified approach to taxing digital assets across borders and aligning with the OECD's broader efforts to combat offshore tax evasion.
Key players in this development include the Australian Treasury, which is spearheading the legislative process, and the OECD, the international body that designed CARF. Australia is one of 77 jurisdictions committed to implementing CARF, underscoring a global consensus on the need for better crypto tax oversight. The Australian government has been progressively moving towards this framework, having signaled its intent in late 2023 and consulted on its approach throughout 2024. The objective is to have the system fully operational for international data exchanges by 2028.
The introduction of this draft bill signifies a major shift in how Australia will approach cryptocurrency taxation. Beyond CARF, the legislation also introduces a domestic crypto reporting regime. This dual approach suggests a comprehensive strategy to enhance tax compliance within Australia while simultaneously participating in global information-sharing efforts. The government's commitment to CARF was further solidified in its 2025–26 Mid-Year Economic and Fiscal Outlook, indicating a clear policy direction for digital asset taxation.
This move by Australia is highly significant for the global cryptocurrency landscape. By aligning with the OECD's CARF, Australia is demonstrating a proactive stance on regulating the digital asset space and ensuring tax fairness. The expectation of international data exchanges beginning in 2028 means that individuals and entities trading or holding crypto assets across borders will likely face increased scrutiny from tax authorities. This could lead to greater compliance but may also introduce complexities for traders navigating different reporting requirements.
For traders and investors, the implications are substantial. The upcoming framework suggests that tax evasion involving cryptocurrencies will become increasingly difficult. It is crucial for individuals and businesses to understand their tax obligations related to crypto assets and to maintain accurate records of their transactions. As the implementation date approaches, traders should pay close attention to guidance from the Australian Taxation Office (ATO) and stay informed about how CARF and the domestic regime will specifically affect their reporting duties and tax liabilities.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.