Australia Consults on Adopting Crypto Tax Reporting Rules

Australia is seeking input on how it should apply a global reporting standard for cryptocurrencies.

Australia’s Treasury began a consultation Thursday on how it will implement the OECD’s Crypto Asset Reporting Framework (CARF), a standard set of rules on the collection of tax information from providers of crypto-asset transactions and the exchange of information on crypto assets between tax authorities.

The consultation presents two options on implementing CARF: adopting the OECD’s CARF into Australian tax law, or taking a “bespoke” approach that would more specifically target the Australian Taxation Office’s needs.

• Amendments will also be made to Australia’s ...