On November 23rd, the Australian Treasury invited the public to provide feedback on the implementation of the cryptocurrency asset report model developed by the Organisation for Economic Co-operation and Development (OECD).

In a consultation paper released on November 21st, the Treasury stated that the implementation of the Common Reporting Standard for Crypto Assets and Related Transactions (CARF) developed by the OECD would "complement the government's efforts to strengthen tax transparency." The paper will explore the policy benefits of incorporating the OECD model into domestic tax law and consider an implementation timetable that can minimize compliance costs.

CARF will require cryptocurrency intermediaries, such as exchanges and wallet providers, to report specific cryptocurrency transactions to tax authorities. This includes information on the buying and selling of cryptocurrency assets. As explained in the consultation paper, Australia expects CARF reporting to begin at some point in 2026.