Australian Treasury opens public consultation on OECD’s crypto tax transparency framework

The Australian Treasury released a consultation paper on Nov. 21, outlining its intention to adopt the Crypto Asset Reporting Framework (CARF), developed by the Organization for Economic Cooperation and Development (OECD), to improve tax transparency. According to Bitcoin.com, the Treasury suggests that the reporting obligations under the CARF would commence in 2026, with initial data exchanges between the Australian Taxation Office and other tax authorities anticipated by 2027. This timeline would give crypto asset service providers and intermediaries sufficient time to upgrade their systems. Interested parties can offer feedback on this consultation until Jan. 24, 2025.