Australia’s Treasury seeks input on implementing the crypto-asset reporting framework within its domestic tax laws.
Australia has released a consultation paper seeking input on applying an international reporting standard for crypto assets.
Australia’s Department of the Treasury started a consultation on Nov. 21 on how it would implement the Organisation for Economic Co-operation and Development’s (OECD) Crypto Asset Reporting Framework (CARF), a set of standardized rules for collecting tax information on crypto-asset transactions and information exchange between tax authorities.
The paper presents two different options for implementing CARF. This includes adopting the framework into Australian tax law or taking a more tailored approach that will target the needs of the Australian Taxation Office.
