Australia is seeking feedback on a draft law implementing the OECD’s CARF until October 28, in preparation for international exchanges of crypto-asset tax information starting in 2028.

Australia has released a draft law to enable the automatic exchange of tax information related to crypto-assets with other countries, taking another step toward fulfilling its commitment to international tax transparency. Australia is one of 77 jurisdictions that have committed to adopting the Crypto-Asset Reporting Framework (CARF) of the Organisation for Economic Co-operation and Development (OECD).

According to the Australian Treasury, the exposure draft of the Financial Laws Amendment Bill 2026: Tax Information Reporting is open for public comment until 28 October. The bill has two main objectives: establishing a legal framework to incorporate CARF into domestic law and creating a domestic reporting regime for information on crypto-assets. Implementing the two regimes in parallel shows that Canberra intends to use a common data platform for both domestic tax administration and international cooperation.

The roadmap for implementing CARF in Australia has been in preparation for nearly three years. The government first announced its intention to introduce this reporting framework in November 2023, then consulted on implementation options in late 2024. In its 2025–26 Mid-Year Economic and Fiscal Outlook, the Australian government reaffirmed its plan to implement CARF alongside a domestic reporting regime, with the exchange of tax information on crypto-assets between countries expected to begin in 2028.

CARF and efforts to combat cross-border tax evasion

The OECD approved CARF in August 2022 to address tax evasion risks arising from the rapid growth of crypto-assets. Unlike traditional financial assets, crypto-assets can be transferred and held without going through banks or other intermediary financial institutions, making it difficult for existing tax information exchange mechanisms to provide comprehensive coverage.

CARF is designed around the OECD’s Common Reporting Standard (CRS), which applies to financial accounts. Under this framework, crypto-asset service providers, such as exchanges and brokers, are required to collect information about customers and related transactions, including exchanges between crypto-assets and fiat currencies, exchanges between different types of crypto-assets, and transfers of crypto-assets. This information is then reported to the local tax authority and automatically shared with the tax authority in the country where the user resides.

For Australia, incorporating CARF into domestic law will significantly expand the Australian Taxation Office’s (ATO) ability to monitor crypto-assets for tax purposes, particularly transactions conducted through foreign platforms that are beyond the reach of domestic data collection mechanisms. For businesses providing crypto-asset services, the bill means they will need to prepare systems to collect, verify and report customer data in line with international standards.

As the number of jurisdictions participating in CARF continues to grow, opportunities to conceal crypto-asset income through cross-border platforms will increasingly diminish, marking a significant step in bringing crypto-assets within the global tax transparency framework.