Australia: Consultation on cryptoasset reporting framework (CARF) and CRS amendments

The consultation closes January 24, 2025.

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November 22, 2024

Treasury released a consultation paper that discusses Australia's approach to implementing the Organisation for Economic Cooperation and Development (OECD)-developed rules for the cryptoasset reporting framework (CARF) and associated amendments to the common reporting standard (CRS).

The consultation paper explores the following issues, with specific questions included to guide stakeholder input:

  • The policy merits of transposing the OECD model into Australian domestic tax law (compared to a bespoke policy approach)
  • Potential implementation considerations
  • The timeline for implementation that would minimise compliance costs on the community

The CARF is a new international tax transparency framework that allows tax authorities to:

  • Collect tax‑related information from providers of cryptoasset transactions
  • Share tax‑related information on cryptoassets with other tax authorities

The consultation closes January 24, 2025.

Read a December 2024 report prepared by the KPMG member firm in Australia

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