Key Documents
We invite views on how Australia applies the Crypto Asset Reporting Framework (CARF).
The consultation paper explores:
- a comparison of 2 options:
- adding the CARF into Australian tax law
- customising a policy approach.
- related amendments to the Common Reporting Standard (CRS).
We encourage you to read the supporting documents for more detail on the CARF requirements.
The Crypto Asset Reporting Framework
The Organisation for Economic Co‑operation and Development (OECD) developed the CARF.
The CARF is a new international tax transparency framework. It allows tax authorities to:
- collect tax‑related information from providers of crypto asset transactions
- share tax‑related information on crypto assets with other tax authorities.
The reporting is annual, standardised and similar to the CRS.
The CARF improves visibility of income from crypto assets. This helps increase compliance with local tax laws and deter tax evasion.
Supporting documents
- International Standards for Automatic Exchange of Information in Tax Matters: Crypto‑Asset Reporting Framework and 2023 Update to the Common Reporting Standard – OECD
- Crypto‑Asset Reporting Framework: Frequently Asked Questions [PDF 184KB] – OECD
- Crypto‑Asset Reporting Framework XML Schema: User Guide for Tax Administrations – OECD
Next steps
Future consultation may test:
- draft legislation
- specific design issues including formats for reporting to the Australian Taxation Office.
Responding
You can submit responses to this consultation up until 24 January 2025. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Post
Address written submissions to:
Langton Cres
Parkes ACT 2600