Australia seeks public opinion on cryptocurrency tax report

According to News.bitcoin, the Australian Treasury has invited the public to provide feedback on the implementation of the Organization for Economic Cooperation and Development's (OECD) cryptocurrency asset reporting model. In a consultation document released on November 21st, the Ministry of Finance stated that implementing the CARF developed by the Organization for Economic Cooperation and Development (OECD) will "complement the government's efforts to enhance tax transparency." The document will explore the policy advantages of incorporating the OECD model into domestic tax laws and consider an implementation timetable that can minimize compliance costs. It is reported that the rapid growth of the cryptocurrency market has posed challenges for governments in terms of tax evasion and avoidance. To address this issue, the OECD has developed CARF, aimed at improving international tax transparency by ensuring that encrypted related information is reported in a standardized manner. This framework is expected to enhance the ability of OECD countries to monitor and tax cryptocurrency related activities, thereby reducing opportunities for tax evasion and avoidance. CARF will require cryptocurrency intermediaries, such as exchanges and wallet providers, to report specific cryptocurrency transactions to tax authorities. This includes buying and selling information of encrypted assets. As explained in the consultation document, Australia expects the CARF report to begin at some point in 2026.