CandleFocus Australia Seeks Public Input on Crypto Tax Reporting
2024-11-23
Author: Content Editor
The Australian Treasury is seeking public feedback on the implementation of the Organization for Economic Cooperation and Development's (OECD) crypto asset reporting model. The Treasury aims to strengthen tax transparency and combat tax evasion and avoidance in the cryptocurrency market. The proposed Crypto Asset Reporting Framework (CARF) would require exchanges and wallet providers to report specific crypto transactions to tax authorities. Australia intends to implement CARF reporting requirements by 2026, with the Australian Taxation Office consulting on the specific format for reporting transactions. However, implementing CARF will require changes to existing tax legislation and Common Reporting Standard rules.
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