Australia Sets 2028 Deadline for Global Crypto Tax Data Sharing

The draft rules, open for public feedback until October 28, 2026, aim to grant the Australian Taxation Office unprecedented visibility into digital asset activity involving local residents. By adopting the OECD’s standardized reporting model, Australia joins a coalition of 77 jurisdictions committed to curbing tax evasion linked to offshore crypto holdings. Service providers will be mandated to collect and transmit detailed identification and transaction data, encompassing crypto-to-fiat trades, asset-to-asset exchanges, and specific transfers.

While the legislation updates existing financial account reporting standards, Treasury officials emphasize that the move does not introduce new tax rates on assets like Bitcoin or Ethereum. Instead, the initiative focuses on closing information gaps that have historically allowed taxpayers to obscure wealth held via foreign exchanges. Following several years of preparatory work and international commitments, the government is now soliciting input on the technical implementation of these requirements. Should the bill pass, it will synchronize Australia’s oversight of the digital economy with global standards, ensuring that transaction records are shared annually with participating tax authorities worldwide.