Australia: Consultation on draft cryptoasset tax transparency legislation

The Australian Treasury on October 15, 2026, released for consultation exposure draft legislation that would improve tax transparency for cryptoassets. Consultation on the draft legislation closes October 28, 2026.

Treasury Laws Amendment Bill 2026: Tax information reporting would amend Schedule 1 to the Taxation Administration Act 1953 to:

• Establish a framework to prescribe international cooperative reporting frameworks to support Australia’s reporting obligations to the OECD and foreign jurisdictions through a regulation-making power and ministerial legislative-instrument making power
• Implement a domestic crypto reporting regime that would require virtual asset service providers to provide information on virtual asset transactions of Australian tax residents to the Commissioner
• Align Australia’s implementation of the CRS with current OECD guidance

The proposed amendments would deliver measures announced by the Australian government in its 2025–2026 Mid-Year Economic and Fiscal Outlook to implement the OECD’s Crypto-Asset Reporting Framework (CARF) for the automatic exchange of tax-relevant information on cryptoassets and a domestic crypto tax reporting regime in 2027.