Australia seeks advice from OECD on crypto taxation

Australia is seeking advice from the Organization for Economic Cooperation and Development (OECD) on implementing cryptocurrency taxation, with the goal of providing input by January next year. The consultation focuses on comparing two options for crypto taxation, potentially incorporating the OECD's Crypto Assets Reporting Framework (CARF) into its law or tailoring a policy approach. CARF is a tax transparency framework for international authorities to collect tax-related information from providers, including specific consumer data on crypto asset purchases and transactions above $50,000. Tax authorities can also share information with other authorities for relevant information. "CARF increases visibility of crypto asset income. This helps improve compliance with local tax laws and deters tax evasion," the government said in the report. The consultation seeks advice on whether the government should follow the same rules as the OECD or implement its own rules to target specific data required. If the Australian government implements its own rules, it can add or remove specific information fields depending on the tax authority. CARF will apply reporting crypto asset providers to multiple crypto companies, including cryptocurrency exchanges, wallet providers, brokers, dealers and ATM providers. (crypto.news)