Australia seeks advice from OECD on cryptocurrency taxation

Techub News reported that Australia is seeking advice from the Organization for Economic Cooperation and Development (OECD) on the implementation of cryptocurrency taxation, with the goal of providing opinions by January next year. The consultation aims to seek advice on whether the government should follow the same rules as the OECD or implement its own rules for specific data required. The opinions of the consultation focused on comparing two options for cryptocurrency taxation, which may eventually incorporate the Crypto Asset Reporting Framework (CARF) into its laws or customized policy approaches. The Crypto Asset Reporting Framework can be used by international authorities to collect tax-related information from providers, including specific consumer data on cryptocurrency asset purchases and transactions above $50,000. Tax authorities can also share information with other authorities to obtain relevant information.