Australia's Treasury opened consultation Oct. 15 on draft legislation to establish domestic crypto-asset reporting and update tax-information rules, which the government says could improve compliance through greater transparency.
The proposal would bring the Organisation for Economic Co-operation and Development's Crypto-Asset Reporting Framework (CARF) into Australian law, establish domestic reporting for transactions involving Australian residents and update the Common Reporting Standard. The consultation is open for public comment through Oct. 28.
The government's 2025–26 fiscal outlook says implementation of the reporting regimes is due to begin in 2027. It schedules the first exchange of information with foreign tax authorities for 2028 and says information from the domestic regime is expected to be reported to the Australian Taxation Office that year.
The fiscal outlook estimates the measures will increase government receipts by A$170 million and payments by A$57.6 million over five years. Treasury said the consultation builds on earlier work on CARF and related amendments.
