Australia’s Treasury has opened a consultation on draft legislation that would bring the OECD Crypto-Asset Reporting Framework (CARF) into Australian law. The package would make crypto intermediaries collect standardized tax information, create a domestic reporting regime for Australian residents and amend the Common Reporting Standard (CRS). Consultation runs from 15 October to 28 October 2026; the proposal is not yet law.
What the October 2026 proposal would change
The Treasury package combines three measures rather than creating a standalone exchange rule:
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- OECD CARF implementation: Australian rules based on the international framework for collecting and exchanging crypto-asset information.
- A domestic crypto reporting regime: information on transactions involving Australian residents would be reported under Australian law.
- CRS amendments: the existing cross-border financial-account reporting framework would be updated alongside the crypto provisions.
The legislation is still an exposure draft. Parliament has not enacted it, and the final reporting fields, definitions and start date can change after consultation.
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CARF is an international tax-transparency system. Crypto-asset reporting providers collect standardized customer and transaction information, submit it annually to their domestic tax authority and enable tax authorities to exchange it automatically with participating jurisdictions. It is designed to work in a similar way to the CRS, not as a public blockchain explorer or a real-time government feed.
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Transactions covered in the Treasury model
Treasury’s 2024 consultation paper discusses reporting crypto disposals using gross proceeds and acquisitions using market value. The model is aimed at intermediaries such as exchange platforms and wallet providers, although the exact Australian legal definitions remain subject to the draft and its explanatory material.
| Item | How the OECD model describes it | What is still unsettled in Australia |
|---|---|---|
| Disposals | Gross proceeds from crypto-asset disposals | Final Australian data fields and filing format |
| Acquisitions | Market value of crypto-asset acquisitions | Detailed implementation rules and operative date |
| De minimis treatment | Values exceeding USD 50,000 require specific customer data; amounts below USD 50,000 can still be reported in aggregate at platform or merchant-payment level without specific user data | How the threshold will be transposed into Australian legislation |
The USD 50,000 treatment is a reporting-data rule, not a tax exemption. A transaction below that amount does not automatically become tax-free or disappear from a provider’s records.
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Will the ATO see your crypto transactions?
If the bill becomes law, the Australian Taxation Office would receive standardized information from providers covered by the Australian regime and could exchange relevant information with foreign tax authorities implementing CARF. That means the ATO’s visibility would increase for reportable activity handled through in-scope intermediaries.
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Do wallet providers have to report?
Treasury’s 2024 consultation identifies wallet providers, alongside exchange platforms, as examples of crypto intermediaries that could have reporting obligations. The final law will determine which services qualify as reporting providers and what customer-identification and due-diligence procedures they must follow. The draft consultation should therefore not be read as a final ruling on every hosted, managed or other wallet arrangement.
When would Australian crypto reporting start?
| Date or milestone | What it means |
|---|---|
| 10 November 2023 | Australia and other participating jurisdictions said they intended to transpose CARF into domestic law and activate exchange agreements. |
| 2024 | Treasury consulted on the framework’s operation, including exchanges, wallet providers, disposals, acquisitions and the USD 50,000 de minimis treatment. |
| 15 October 2026 | Treasury opened consultation on the Australian draft legislation. |
| 28 October 2026 | Deadline for submissions on the current consultation. |
| 2027 target | The 2023 joint statement discussed exchanges commencing by 2027, subject to each country’s legislative process and exchange agreements. |
Australia has not yet fixed an operative start date. Enactment, commencement provisions, reporting years and the date of the first exchange remain unsettled until the consultation and parliamentary process are complete.
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Why the government is introducing CARF
Treasury says crypto reporting will improve visibility of income made through crypto assets, increase compliance with Australian tax law and deter tax evasion through automatic information exchange. Australian Treasury said in 2024 that more than 50 countries had signalled an intention to implement CARF, creating a wider network for cross-border matching.
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“The widespread, consistent and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.”
Joint statement by participating jurisdictions, including Australia, 10 November 2023
CARF and the existing CRS: what is different?
| Comparison point | CRS | Australian CARF proposal |
|---|---|---|
| Primary focus | Automatic exchange of financial-account information | Automatic exchange of standardized crypto-asset information, alongside CRS amendments |
| Entities discussed in the material | Financial institutions covered by CRS rules | Crypto intermediaries including exchange platforms and wallet providers |
| Transaction information | Account information under CRS categories | Crypto disposals and acquisitions, using gross proceeds and market value in the OECD model |
| Frequency | Periodic standardized exchange | Annual standardized reporting and exchange |
| Australian status | Existing framework proposed for amendment | Draft implementation under consultation; final scope and dates not stated |
What crypto users and providers should watch
- Users: expect providers to request or confirm tax-residency and identification information if the regime is enacted, and keep transaction records that reconcile disposals, acquisitions and valuations.
- Providers: monitor the final definitions of reporting provider, reportable transaction, customer due diligence, filing format and any transition rules.
- Businesses operating across borders: determine which jurisdictions may receive exchanged information and whether local CARF implementations use different commencement dates or procedures.
- Everyone: distinguish information reporting from the underlying tax obligation. CARF is designed to improve visibility; it does not itself set a new Australian crypto tax rate.
What remains unknown
The consultation does not settle the final enactment date, the first reporting year, the exact Australian exchange arrangements, detailed customer-identification requirements, penalties or enforcement mechanics. Those points should be checked against the final exposure draft, explanatory material and enacted legislation before a provider or taxpayer relies on them.
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