What happened
Treasury released draft legislation implementing the OECD's Crypto-Asset Reporting Framework into Australian law. Starting 1 July 2027, local digital asset service providers must submit quarterly reports to the Australian Taxation Office detailing customer names, tax numbers, transaction IDs, values in Australian dollars, and wallet transfers.
Why it matters here
The domestic regime eliminates transaction privacy for Australian residents trading or holding digital assets through regulated entities. Global information exchanges with foreign tax authorities will commence in 2028, ensuring the ATO obtains complete oversight of off-shore holdings, crypto derivatives, central bank digital currencies, and electronic money products.
What to watch
Public submissions on the draft Treasury Laws Amendment Bill close on 28 October 2026, ahead of the planned 1 July 2027 domestic reporting start date.
Source
cryptonews.com.au