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ARTICLE · 01 DECEMBER 2024

CARF before the horse? Australia consults on crypto tax reporting standards

Piper Alderman
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CARF to enhance tax transparency by facilitating the automatic exchange of information about crypto-asset transactions.

AustraliaTechnology
Steven Pettigrove
Steven Pettigrove
Luke Higgins
Luke Higgins
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The Australian government has released a consultation paper on how to best implement the Crypto-Asset Reporting Framework (CARF), a global standard developed by the Organisation for Economic Co-operation and Development (OECD). CARF is intended to enhance tax transparency by facilitating the automatic exchange of information about crypto-asset transactions between jurisdictions.

The consultation paper published by Treasury states that CARF's implementation in Australia will require amendments to domestic tax laws to adhere to international standards. The government has proposed two options for implementing CARF in Australia which are outlined below, along with the types of entities and information that will be subject to reporting requirements.

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