Australia plans 2026 rollout for global crypto tax reporting

Australia’s Treasury has initiated consultations on incorporating the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) into its domestic tax laws. 

This move aims to enhance transparency and reduce tax evasion associated with cryptocurrency transactions. 

The consultation paper, released on November 21, presents two potential approaches: directly adopting the international CARF standard or customising it to align with the Australian Taxation Office’s (ATO) requirements. 

Direct adoption would ensure consistency with global practices, simplifying cross-border reporting and fostering international transparency. 

In contrast, customisation would allow the framework to address Australia-specific tax compliance needs, enabling the ATO to adapt CARF for local cryptocurrency usage, tax policies, and enforcement systems. 

Introduced by the OECD in 2022, CARF establishes standardised rules for reporting crypto transactions and sharing data across jurisdictions. 

“Subject to a final decision of Government, it is envisaged that CARF reporting requirements would commence from 2026, to ensure the first exchanges between the ATO and other tax authorities could take place by 2027,” the Treasury stated.

This timeline is designed to give crypto providers adequate time to update their reporting systems. 

Under the framework, crypto exchanges and wallet providers will be required to report transactions, including digital asset purchases, to tax authorities. 

The collected data will improve visibility into crypto activities and enhance international collaboration to combat tax evasion. 

Australia’s efforts align with global initiatives to implement CARF. 

Canada plans to adopt the framework by 2026, while Switzerland and New Zealand have already begun their integration processes. 

New Zealand anticipates reporting to begin in 2026, with submissions due by mid-2027.