Australia Advances OECD Crypto Tax Reporting Framework with Draft Legislation
The proposed Treasury Laws Amendment Bill 2026 aims to implement the international Crypto-Asset Reporting Framework and establish a domestic reporting regime, with global data exchanges slated for 2028.
Key takeaways
- Australia has released draft legislation to enable automatic international exchange of crypto tax information, aligning with the OECD's CARF.
- The bill also introduces a domestic crypto reporting regime, reflecting a broader governmental push for digital asset oversight.
- The framework is designed to combat tax evasion risks associated with crypto assets, with the first international data exchanges expected in 2028.
Australia has unveiled draft legislation designed to facilitate the automatic exchange of crypto-asset tax information between countries, marking a significant step towards global tax transparency in the digital asset sector. The proposed Treasury Laws Amendment Bill 2026: Tax information reporting, currently open for public comment until October 28, would embed the Organisation for Economic Co-operation and Development (OECD) Crypto-Asset Reporting Framework (CARF) into Australian law.
This legislative move also seeks to establish a domestic crypto reporting regime, according to the Australian Treasury. The initiative underscores Australia's commitment, alongside 76 other jurisdictions, to adopt CARF, which the OECD approved in August 2022 to mitigate tax evasion risks arising from the burgeoning crypto market.
Why it matters
The implementation of CARF represents a coordinated international effort to bring digital asset transactions into the purview of tax authorities. For investors and businesses operating in the crypto space, this framework means increased scrutiny and standardized reporting requirements, aiming to ensure that profits from crypto assets are appropriately declared and taxed.
Australia first signaled its intention to adopt CARF in November 2023, followed by consultations on its approach in late 2024. The government subsequently affirmed plans for both CARF and a domestic reporting regime in its 2025–26 Mid-Year Economic and Fiscal Outlook, setting the stage for international exchanges of crypto tax information to commence in 2028. This aligns with a broader regulatory push in Australia, which is also seeking feedback on new rules for crypto platforms ahead of a 2027 rollout.
What to watch
Stakeholders in Australia's crypto industry will be closely monitoring the public comment period for the draft bill, which closes on October 28. The final shape of the legislation will dictate the specific reporting obligations for crypto service providers and individuals, influencing operational practices and compliance costs.
Looking ahead, the successful implementation of CARF in Australia and other signatory nations will be crucial for establishing a globally consistent approach to crypto taxation. The anticipated start of international data exchanges in 2028 will serve as a key milestone, signaling a new era of transparency for digital asset holdings and transactions across borders.
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