Australia has taken a new step in tightening crypto regulation with the release of draft legislation aimed at enabling the automatic exchange of cryptocurrency tax information between countries.
Draft bill targets tax transparency
The Treasury Laws Amendment Bill 2026: Tax information reporting is now open for public comment until October 28. The bill would establish the legal groundwork for phasing in the Organisation for Economic Co-operation and Development (OECD) Crypto-Asset Reporting Framework, known as CARF, as well as the launch of a dedicated domestic crypto reporting scheme.
The Australian Treasury stated that these measures are designed to enhance tax transparency and help authorities track crypto-related financial activities more effectively across jurisdictions.
If given final approval, the legislation would mark an important milestone for Australia as it works to align its laws with global standards on cryptocurrency oversight and financial reporting.
The Australian Treasury intends for the new rules to create a comprehensive system for sharing crypto tax data with partner countries, facilitating both international and local tax compliance.
The proposed framework allows tax information originating from crypto asset transactions to be automatically shared with foreign authorities, supporting a collective effort to counteract tax evasion using digital assets.
OECD’s CARF sets international standard
The OECD approved CARF in August 2022 as a way to address emerging tax evasion risks stemming from the increasing adoption and use of crypto assets worldwide.
By adopting CARF, Australia seeks to reinforce international cooperation and close existing gaps in tax collection that can arise from the decentralized and borderless nature of cryptocurrencies.
Australia initially signaled its support for CARF in November 2023 and later gathered feedback on its approach during consultations held in late 2024. The government’s 2025–26 Mid-Year Economic and Fiscal Outlook further confirmed plans for both the CARF and a homegrown crypto tax reporting system.
International sharing of crypto tax data is expected to begin in 2028, allowing several years for the framework to be implemented and for exchanges, platforms, and users to adapt.
Mini dictionary: Crypto-Asset Reporting Framework (CARF), a global tax reporting standard developed by the OECD to facilitate the automatic exchange of information on cryptocurrency transactions, aiming to combat tax evasion linked to digital assets.
Public consultation and next steps
Stakeholders can submit feedback on the draft bill until late October, offering policymakers an opportunity to refine the framework before it becomes law.
The Australian Treasury’s ongoing consultations reflect efforts to ensure the final regulation addresses both domestic and international needs. These developments also dovetail with wider plans to introduce rules for crypto trading platforms, with a rollout currently anticipated in 2027.
Australia’s draft framework positions the country to participate in a growing network of nations seeking to oversee cryptocurrency markets and strengthen tax collection mechanisms in the digital economy.
