Australia: Closed consultation on application of Crypto Asset Reporting Framework and amendments

On 24 January 2025, the Australian Treasury closes a consultation on the implementation of the Crypto Asset Reporting Framework (CARF) and associated amendments to the Common Reporting Standard (CRS). The consultation gathers views on how Australia should approach the adoption of the CARF, a global standard designed by the Organisation for Economic Co-operation and Development (OECD) to enhance tax transparency. CARF enables the exchange of crypto asset account information between tax authorities. The consultation addresses several issues, including whether to adopt the OECD's CARF model or create bespoke domestic rules. It also seeks information on the scope of CARF’s due diligence requirements and potential compliance costs for businesses. Additionally, the consultation gathers information on the clarity of definitions in the CARF within the Australian tax context, as well as the potential costs of implementing and maintaining the framework.