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Australia Seeks Feedback on OECD Crypto Reporting Framework Integration

by Dan K
Nov 24, 2024 - 9:12 pm
in Blockchain
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Australia Pushes Towards More Crypto Tax Transparency

The Australian Treasury has opened a public consultation to gather views on the proposed implementation in its tax legislation of the Organization for Economic Cooperation and Development’s Crypto-Asset Reporting Framework. This would make uniform reporting for financial institutions about crypto-asset transactions and enable information exchange with tax administrators globally.

Launched on Nov. 21, the consultation invites stakeholders to comment on two possible approaches: full adoption of CARF into Australian law or a customized implementation specific to the needs of the ATO.

What is CARF?

In 2022, the OECD devised the CARF in response to crypto assets globally facilitating tax evasion. As of 2023, 47 countries, including Australia, pledged to take up the framework. According to CARF, crypto exchanges and wallet providers must report transaction information such as digital asset purchases from customers to the local tax authorities.

Implementation Timeline for Australia

The Treasury believes reporting requirements under CARF will start in 2026, which then allows the ATO to exchange that information with other jurisdictions by 2027. This timeframe provides crypto providers with enough time to update their systems in preparation for their compliance obligations.

The Treasury’s consultation paper outlines the expected impact

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.”

CARF Adoption Globally

Other countries have already started implementing CARF into their respective tax laws. Canada and Switzerland are set to implement the framework by 2026, while New Zealand has legislated the framework into its tax law, requiring reporting in 2027.

What’s Next for Australia?

Feedback gathered during this consultation will guide the government’s final decision on CARF’s implementation. Stakeholders, including crypto service providers and industry experts, are encouraged to participate in shaping Australia’s approach to crypto tax reporting.

Tags: AustraliaRegulationWeb3
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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