Australia releases draft bill to adopt OECD crypto tax reporting framework

Australia’s Treasury Laws Amendment Bill 2026: Tax information reporting would change how crypto tax information is collected and shared. It would establish a legal framework for the OECD Crypto-Asset Reporting Framework, known as CARF, in Australia. It would also introduce a domestic crypto reporting regime.

For example, crypto platforms covered by the system could report relevant customer and transaction information to Australian authorities. Those authorities could then use the CARF framework to exchange information with tax authorities in other participating countries. The article does not list the exact data fields or platform obligations in the draft bill.

The bill is currently open for public comment until Oct. 28. Australia first announced its intention to implement CARF in November 2023 and consulted on its approach in late 2024. Its first international exchanges of crypto tax information are expected to begin in 2028.

The OECD Crypto-Asset Reporting Framework, or CARF, is an international system for improving tax transparency around crypto assets. It gives participating countries a common approach for collecting and automatically exchanging crypto-related tax information. The goal is to help tax authorities address tax evasion risks that can arise when crypto activity crosses borders.

Under the framework, crypto platforms would report information to national tax authorities. Those authorities could then exchange relevant information with counterparts in other countries. The article does not specify every category of information or the detailed reporting rules, so those details depend on implementing legislation and guidance.

The OECD approved CARF in August 2022. Australia plans to put the framework into its own law through the draft Treasury Laws Amendment Bill 2026. Australia is among 77 jurisdictions committed to adopting CARF, with its first international data exchanges expected in 2028.

Seventy-seven jurisdictions have committed to adopting the OECD Crypto-Asset Reporting Framework. This gives CARF a broad international reach and creates a shared basis for exchanging crypto tax information. The framework is designed to make tax reporting more consistent across participating countries.

Australia’s planned system would connect domestic reporting with international information exchange. Crypto platforms would report under national rules, and tax authorities could share relevant information with authorities in other participating jurisdictions. This mechanism is intended to help countries identify crypto activity that may have tax consequences across borders.

Australia’s first international exchanges of crypto tax information are expected to begin in 2028. The timeline follows Australia’s earlier commitment to CARF and its consultation on implementation. Its draft legislation is open for comment until Oct. 28, so the proposed system is not yet fully in force.

The draft bill would support reporting by crypto platforms and automatic sharing of crypto tax information between countries. The article does not specify exactly which fields platforms would submit. In general, comparable reporting systems can include taxpayer identity, transaction activity, and amounts relevant to tax calculations, but Australia’s final requirements are not stated here.

For example, a platform could report a customer’s crypto transactions to a national tax authority. That authority could then transmit relevant information to the customer’s country of tax residence under CARF. The key mechanism is routine, automatic exchange rather than relying only on a taxpayer to disclose overseas activity.

This could give tax authorities a clearer view of cross-border crypto activity and possible undeclared tax liabilities. Australia’s proposed framework is still under consultation. Its first international exchanges are expected in 2028, after the planned domestic and international systems are implemented.

CARF was created to respond to tax evasion risks arising from the growth of crypto assets. As crypto activity expanded, tax authorities faced a greater need for information about transactions and holdings connected to taxpayers in different countries. CARF provides an international framework for addressing that challenge.

Its central mechanism is cooperation between countries. Crypto platforms report information through national systems, and participating tax authorities can automatically exchange relevant data. This gives countries a more systematic way to identify crypto activity that may otherwise remain outside ordinary cross-border tax reporting.

The OECD approved CARF in August 2022. Australia later signaled its intention to implement the framework in November 2023 and consulted on its approach in late 2024. Australia now proposes to introduce CARF through draft legislation, with international exchanges expected to start in 2028.

The OECD created CARF, but it would not directly collect every taxpayer’s crypto information. Instead, national governments would put the framework into domestic law, while national tax authorities would administer reporting and exchange information internationally. Australia’s Treasury is responsible for the draft legislation described in the article.

Crypto platforms would be the operational reporting participants. They would provide information under domestic rules to tax authorities, which could then automatically exchange relevant data with authorities in other participating countries. Individual taxpayers would remain the subjects of the information and could have tax obligations, but the article does not describe a separate taxpayer-operated exchange system.

Australia’s proposed bill would establish both a CARF framework and a domestic crypto reporting regime. Seventy-seven jurisdictions have committed to adopting CARF. The system’s first international exchanges involving Australia are expected in 2028, subject to the legislative process and implementation.

In general, countries tax crypto-related income or gains under their existing tax laws, depending on the activity and the taxpayer’s circumstances. The source article does not explain Australia’s specific tax rates, categories, deductions, or filing rules. Those details therefore cannot be determined from the article alone.

International reporting helps by creating a trail across borders. A crypto platform can report activity to one country’s tax authority, which can then automatically share relevant information with the taxpayer’s country of residence. Authorities can compare that information with tax returns and other records to identify possible missing income or gains.

CARF was created because the OECD identified tax evasion risks arising from the growth of crypto assets. Australia’s draft bill would implement CARF and add domestic reporting. With 77 jurisdictions committed to adoption, Australia expects its first international exchanges of crypto tax information in 2028.