Australia released a draft bill designed to implement the OECD Crypto Asset Reporting Framework (CARF) into domestic law. The framework establishes standardized tax reporting requirements for cryptocurrency transactions across participating jurisdictions.
Australia ranks among 77 countries committed to adopting CARF. The nation's first international exchanges of crypto tax data are scheduled to occur in 2028, according to the draft bill release.
CARF creates uniform standards for financial institutions and crypto service providers to report customer transaction details to tax authorities. The framework aims to increase tax compliance and reduce opportunities for underreporting cryptocurrency gains and income across borders.
The draft bill represents Australia's formal commitment to the OECD's initiative for automatic exchange of information regarding crypto assets. Implementation requires legislative approval before the reporting framework takes effect domestically.
The 2028 timeline aligns with other CARF-adopting nations, establishing a coordinated approach to cross-border crypto tax reporting. Australia's participation places it among leading developed economies modernizing tax administration systems to address the digital asset economy.