by Ariful | Oct 18, 2026 | UK Updates
TITLE: WA Confirms Stamp Duty Relief for Trust Election as Compliance Cost Concerns Grow
WA relief is limited to one proposed pathway
As at 18 October 2026, Western Australia has confirmed it will not charge stamp duty on discretionary trusts that opt into the proposed fixed-distribution election. The move follows a similar, but election-conditional, pledge in New South Wales. It offers a narrow form of relief, not a general exemption for businesses transferring trust assets to a company or fixed trust.
At the same time, Assistant Treasurer Daniel Mulino has acknowledged that affected businesses could face compliance costs in the thousands of dollars. And questions remain about how the proposed 30% minimum tax could interact with distributions to corporate beneficiaries.
WA Treasurer Rita Saffioti has confirmed that Western Australia will not impose stamp duty on discretionary trusts opting into the proposed Excluded Election Trust (EET) regime. The EET option is intended to let eligible trusts make fixed distributions to nominated beneficiaries, rather than face the proposed minimum tax.
New South Wales has also pledged stamp-duty protection for trusts using this election. However, the NSW commitment depends on Labor winning the state election in March 2027. It is a future pledge, not a current exemption.
The limits matter. Neither announcement should be treated as blanket relief for every trust restructure. As the Australian Financial Review reports, Grant Thornton’s David Montani said the NSW measure covers the EET option, not transfers of assets from a trust to a new entity. Institute of Public Accountants tax adviser Tony Greco also cautioned that some businesses may be confusing narrow EET relief with a broader exemption.
Montani described the policy as “virtually worthless” for asset transfers. His criticism concerns that particular restructuring route: stamp duty may still arise when a business moves assets from a discretionary trust into a company or fixed trust.
The practical distinction: electing into the EET regime may let an eligible trust remain in place. Transferring assets to another entity is a separate step, with separate state-duty consequences.
Compliance costs could reach thousands of dollars
On ABC’s Insiders on Sunday 18 October, Assistant Treasurer Daniel Mulino said the cost for a business to comply would depend on its arrangements and the restructuring pathway it takes. He said costs would be in the thousands of dollars, rather than tens of thousands.
Mulino estimated there are around 800,000 discretionary trusts in Australia, about double the number 25 years ago, and put economy-wide adjustment costs at approximately $50 million. These are broad estimates, not a standard cost for each trust.
The AAP report also notes that Labor will need support from either the Coalition or the Greens to pass the bills. The Coalition has opposed the proposal, leaving the parliamentary outcome uncertain.
For Australian businesses, including those operating across NSW, Western Australia and Queensland, the proposal could mean additional work to maintain trust, beneficiary and distribution records. The cost and workload will depend on the business’s structure and the final legislation.
Bucket company distributions raise a separate tax concern
A further issue affects trusts that distribute income to a corporate beneficiary, often called a bucket company. BDO tax partner Tony Sloan has warned that some arrangements could face a combined tax burden of 60% to 70%.
Under the proposal, corporate beneficiaries would not receive the same credit for the trustee’s 30% minimum tax that eligible individual beneficiaries could receive. Sloan’s concern is that the same underlying income could therefore be taxed at trustee level and again when assessed for the corporate beneficiary.
This is a reported risk, not a confirmed outcome for every trust using a bucket company. The government has responded that individuals who receive trust income directly will not pay more than the 47% top marginal rate. It has also said that corporate beneficiaries would be assessed on trust income to which they are entitled, without claiming a credit for tax payable by the trustee.
The distinction between individuals and companies is important. Keep records that clearly identify each beneficiary, the type of beneficiary and the income allocated to them. That information will be essential for accurate reporting if the proposal becomes law.
The bills are not law yet
The federal bills were introduced on 14 October 2026. They have been referred to the Senate Economics Legislation Committee, which is due to report by 13 November 2026. The proposed start date is 1 July 2028.
The bills remain subject to parliamentary scrutiny and may change. The government needs support from either the Coalition or the Greens to pass them; the Coalition has opposed the legislation. Check the Australian Parliament’s Senate committee information and the ATO’s overview of the proposed trust minimum tax for official updates.
Until the rules are final, avoid treating the proposed EET relief or any restructuring pathway as settled law. State stamp-duty treatment also needs to be considered separately from federal tax treatment.
For context, read our 15 October update on NSW’s stamp-duty pledge and our earlier coverage of the bills’ introduction.
Organise your compliance records now
You do not need to make a rushed change based on legislation that has not passed. You can, however, make it easier to manage future compliance by keeping your records current.
- Keep trust documents together. Store the deed, amendments, financial statements and returns in one accessible place.
- Reconcile beneficiary details and distributions. Clear records help support accurate reporting and reduce last-minute checking.
- Identify corporate beneficiaries. Record which entities received distributions so the relevant reporting can be reviewed consistently.
- Track trust assets and related entities. A clear record helps distinguish an election from a transfer to another structure.
- Monitor the legislation and state announcements. This is particularly important if your business operates in more than one Australian state.
Sterlinx Global operates as a Global Tax Compliance Suite. We provide structured bookkeeping, tax calculations, filings and year-end compliance support. You provide your business data; we help keep the compliance work organised and up to date. Contact us to discuss structured compliance support for your business.
FAQs
Which Australian states have announced stamp-duty relief for the proposed EET option?
As at 18 October 2026, Western Australia has confirmed it will not charge stamp duty for eligible trusts opting into the EET regime. New South Wales has made a similar pledge, but that commitment depends on Labor winning the state election in March 2027, so it is a future pledge rather than a current exemption.
by Ariful | Oct 18, 2026 | US Updates
TITLE: IRS Direct Card Payment Rule: What International Sellers Need to Know
What the Final Rule Changes
From October 19, 2026, new IRS regulations allow the agency to contract for direct credit or debit card tax payments. This could make payment more straightforward for international sellers with U.S. federal tax obligations. But the rule does not guarantee that every taxpayer, card, or tax payment can use a new direct IRS payment channel immediately.
The key point: this is a change to how certain federal tax payments may be processed. It does not change what you owe, which returns you must file, or your responsibility to pay on time.
The Treasury Department and IRS published final regulations, T.D. 10060, in the Federal Register. They implement changes made by the Taxpayer First Act and remove restrictions that previously limited the IRS’s ability to pay fees under card-processing contracts or charge taxpayers a reimbursement fee.
Under the regulations, the IRS Commissioner may enter into credit or debit card payment contracts when they are cost-beneficial to the government. Depending on the contract, the IRS may either:
- Pay no processing fee itself, while card issuers or other participants may charge fees; or
- Pay a processing fee and recover the full amount from the taxpayer as a separate reimbursement fee.
If the IRS pays a fee under a contract, you must pay the reimbursement fee at the same time as and in addition to your tax payment. The fee is not a tax, and it is not eligible for a refund or credit under Internal Revenue Code section 6402.
The rule requires the IRS to seek to minimize fees it pays under these contracts. It does not set one universal fee rate. Check the payment method’s terms before submitting a payment so you know the total cost.
Don’t Assume a New Payment Portal Will Be Ready for Every Seller
The regulations take effect on October 19, 2026, and apply to tax payments and reimbursement fees made on or after that date. But they establish authority for the IRS to make suitable payment arrangements; they do not themselves introduce a particular portal, list eligible cards, or promise immediate access for all taxpayers.
The IRS still controls which payment methods, tax liabilities, forms, instructions, and procedures it will accept. A legal change allowing direct card payments is not the same as confirmation that your specific payment can be made directly to the IRS on October 19.
Before paying, check the IRS’s current payment options and its page on paying taxes by debit or credit card. Follow the instructions for the specific tax type and payment you need to make. If a direct IRS option is not shown for your situation, use an available approved method rather than delaying payment while waiting for a new service.
What This Means If You Are Outside the United States
The rule is not a special payment program for international businesses. It does not guarantee that a foreign-owned LLC, overseas corporation, or non-U.S. seller can pay every U.S. tax liability with a card issued in their country.
The IRS says international taxpayers should continue using existing options for filing returns, making payments, and receiving refunds. Its international taxpayer payment guidance confirms that wire transfers remain available as the IRS works on cross-border payment solutions.
If you operate from the UK, Canada, Australia, or elsewhere and have a U.S. filing or payment obligation:
- Identify the legal taxpayer and tax liability. Confirm which entity owes the tax and what type of payment is due.
- Check the IRS instructions for that payment. Availability can differ by tax type and filing situation.
- Confirm the payment method accepts your circumstances. Do not assume a foreign-issued card will be accepted just because card payment is authorized in the regulations.
- Review fees and currency conversion. Your card issuer may apply foreign transaction or exchange-rate charges in addition to any payment-processing fee.
- Keep the confirmation and supporting records. Save the payment date, amount, confirmation number, and evidence of any fees.
These checks help you avoid a failed or misapplied payment and give you a clear audit trail.
Separate Payment From Filing and Reporting
Paying a balance by card does not file your return. It also does not determine whether you have a U.S. tax obligation. You must still identify the correct forms, report income accurately, and meet filing deadlines.
The final regulation addresses federal internal revenue tax payments. It does not change state or local sales tax registration, collection, reporting, or remittance requirements. If you sell through marketplaces or directly to U.S. customers, keep state sales tax compliance separate from federal income tax payment arrangements.
The rule also does not change Form 1099-K reporting. The IRS explains that payment card companies, payment apps, and online marketplaces may report qualifying payments on Form 1099-K. You should continue reconciling platform and processor statements to your books and reporting income as required, whether or not you receive the form.
For international sellers, keeping sales records, payment processor statements, expense records, and tax filings organized makes it easier to confirm what is due and match payments to the correct liability.
Follow This Practical Payment Checklist
Before sending a U.S. federal tax payment, work through these steps:
- Confirm the deadline and amount. Use the relevant IRS notice, return instructions, or payment schedule. A new payment option does not extend a deadline.
- Select the correct tax type and period. An incorrectly designated payment may not clear the balance you intended to pay.
- Verify the payment channel on IRS.gov. Use only a method listed for your specific payment.
- Check the full cost. Include any reimbursement fee, processor charge, card issuer fee, and foreign currency cost.
- Confirm who is making the payment. Ensure the payment details match the taxpayer and liability.
- Save proof of payment. Retain the IRS or processor confirmation alongside your books and tax records.
- Reconcile promptly. Match the payment to your accounting records and investigate any difference between the submitted amount and the amount recorded.
If your business makes federal tax deposits, do not assume a card is an available substitute. The IRS’s current payment guidance for businesses states that Federal Tax Deposits must be made electronically through approved channels, not by cash or card.
What to Do Now
Use the new rule as a reason to review your payment processes rather than as a signal to change them overnight. Confirm the tax liabilities you owe, check the IRS’s current instructions for each payment type, and verify the total cost of any method before you use it. Keep payment confirmations and reconcile them to your records promptly, and continue to meet all filing and deposit obligations through approved channels. Where a direct card option is not yet available for your situation, use an existing approved method and pay on time.
by Ariful | Oct 17, 2026 | UK Updates
Know what the proposed CGT changes mean
The broader CGT reform, enacted earlier in 2026, is scheduled to apply from 1 July 2027. It replaces the general 50% CGT discount for individuals and trusts with cost base indexation and introduces a 30% minimum tax on relevant capital gains.
Schedule 4 of the new bill builds on that framework. According to Reg-Follower’s analysis published on 16 October 2026, it clarifies how the proposed rules would apply to trust and fund structures, selected housing gains, certain beneficiaries, and foreign and temporary residents.
The schedule is part of a wider legislative package that also addresses negative gearing and transitional relief for Payday Superannuation. Keep the CGT measures distinct from other trust-tax proposals: this update concerns the treatment of capital gains under the CGT overhaul.
Check how the rules could affect AMITs
Schedule 4 proposes a transitional treatment for AMIT assets held before 1 July 2027. Those assets would generally be treated as sold and reacquired on 30 June 2027. The deemed reset is intended to separate gains accrued before the reform from gains arising under the new framework.
AMITs may calculate capital gains using cost base indexation at trust level. However, the indexation benefit would be reversed when gains are attributed to members. This is intended to ensure the member’s eligibility is considered when determining the treatment of an attributed gain.
For individual members, capital gains attributed by an AMIT would also count when calculating the individual’s 30% CGT minimum tax, if the proposed rules apply.
If you receive AMIT distributions, retain the annual statements and supporting information that explain the amount and character of each attributed gain. Matching those details to your own investment records will help support accurate reporting.
Record the trustee’s indexation position
The bill proposes an election allowing trustees, including trustees of managed investment trusts (MITs) and AMITs, not to apply cost base indexation for an income year. The election would only be available if no direct or indirect beneficiary or member is entitled to apply indexation.
That could include structures where all beneficiaries are companies, superannuation entities, or downstream trusts that have also opted out. Eligibility depends on the full beneficiary chain, not just the immediate recipients.
For compliance purposes, retain records of the trustee’s decision, the relevant income year, and the status of direct and indirect beneficiaries. Do not assume an election is available without checking the applicable conditions in the final law.
Identify gains that may retain the housing discount
The proposed rules preserve the 50% CGT discount for capital gains from new residential dwellings and affordable housing. The concession would apply at both trust and individual beneficiary levels, including for AMITs.
Trustees may choose between applying the 50% discount to eligible housing gains and using indexation alongside the 30% minimum-tax framework. The choice and its consequences will need to be assessed against the final legislation and the facts of the asset and beneficiaries.
Keep clear evidence of the relevant asset, its acquisition and disposal, and the basis for treating it as eligible housing. This will help substantiate the return position if the proposed concession applies.
Keep evidence for exempt beneficiaries and estates
Schedule 4 proposes that the CGT minimum tax exemption would cover genuine testamentary trusts, deceased estates, special disability trusts and specified vulnerable minor beneficiaries, including orphans and minors with disabilities.
The bill also proposes integrity rules. These would deny the exemption where assets are transferred into a testamentary trust or deceased estate after the relevant announcement date to avoid the minimum tax.
Maintain documents that show the origin and ownership history of assets, the relevant trust or estate arrangements, and the beneficiary’s circumstances where relevant. The proposed exemption depends on specific conditions; a trust’s name alone will not establish eligibility.
Track residency periods for direct gains
Foreign and temporary residents may still access CGT discounts and indexation on direct gains under the proposed rules. However, the benefit would be apportioned by reference to the days an individual was an Australian tax resident and was not a temporary resident during the asset’s holding period.
For gains arising after 1 July 2027, the bill provides a specific formula for calculating the eligible indexation benefit for the relevant resident period. You will therefore need reliable records of acquisition and disposal dates, as well as residency and temporary-residency periods.
Separately, new foreign-resident CGT rules took effect on 1 October 2026, including stricter notification requirements for high-value transactions. Check the ATO’s latest guidance on foreign resident CGT changes before a relevant disposal. Do not treat those current requirements as part of the proposed Schedule 4 measures; they are a separate change.
Start your compliance-readiness checklist
Use the period before 1 July 2027 to bring your records together. This will make future calculations and reporting easier to support.
- List the relevant assets. Record each asset’s acquisition date, cost base, ownership entity and disposal date, where applicable.
- Reconcile investment statements. Keep AMIT and MIT distribution statements alongside your own investment records.
- Map the beneficiary structure. Identify direct and indirect beneficiaries or members, including downstream trusts and entities.
- Document asset categories. Retain evidence for any asset that may qualify as a new residential dwelling or affordable housing.
- Track residency dates. Keep supporting records for periods of Australian tax residency and temporary-resident status.
- Monitor the bill’s progress. Review the Federal Parliament bill page for amendments and passage updates before applying the proposed rules.
by Ariful | Oct 17, 2026 | US Updates
TITLE: Alabama Credit Card Fee Sales Tax Rules: What Sellers Need to Know
Alabama’s credit card fee rule: the key dates
Alabama has clarified when a credit card transaction fee can be left out of the sales tax calculation. If you sell into Alabama from the UK, EU, Canada, Australia, or elsewhere, check how your checkout displays the fee and how your tax system treats it.
There are two dates to understand:
- September 1, 2026: Act 2026-587, enacted as SB221, took effect. Alabama’s Department of Revenue (ALDOR) says its treatment of qualifying fees applies to transactions from this date.
- October 15, 2026: Amended Administrative Code Rule 810-6-3-.50 took effect. It specifies that a fee must be “separate and identifiable from other charges” to be excluded from the taxable amount.
So October 15 is the effective date of the amended administrative rule, not the first date of the statutory exclusion. The ALDOR FAQ, enrolled SB221, and certified rule filing set out the change.
What the Alabama rule says
Act 2026-587 excludes a qualifying credit card transaction fee from the amount on which Alabama sales and use tax is assessed. The amended rule adds an important condition: the fee must be separate and identifiable from the other charges.
ALDOR describes these transaction fees as charges assessed on purchases made by debit or credit card to offset interchange fees charged to the merchant or seller. They may be called swipe fees, credit card surcharges, processing fees, service charges, or convenience fees.
The name you give a charge is not enough to qualify it. Check that it is genuinely a card transaction fee of the kind covered by the Act, and that your receipt or invoice clearly shows it as a distinct line item.
If the fee is combined with the product or other charges into one total, the exclusion does not apply. Alabama sales tax is calculated on the full combined amount.
The $100 sale example
ALDOR’s example makes the distinction straightforward:
- A customer buys goods for $100 and is charged a $3 credit card fee.
- If the receipt shows the $100 purchase and $3 fee as separate, identifiable charges, sales tax applies to the $100 purchase.
- If the receipt shows only one combined charge of $103, sales tax applies to the full $103.
The display matters. It is not enough for your payment provider or internal ledger to identify a fee separately if the customer-facing receipt presents only a single total. Your checkout, tax calculation, and final receipt should tell the same story.
What international sellers need to check
The rule is relevant to international businesses selling to Alabama customers through their own online store, Shopify, WooCommerce, or other checkout platforms. It can also matter if you fulfill orders from inventory held in the United States.
First, establish whether you have an Alabama sales tax collection obligation. ALDOR describes a remote seller as an out-of-state seller with no physical presence in Alabama. Remote sellers that directly exceed $250,000 in total retail sales delivered into Alabama in the previous calendar year are generally required to collect and remit tax. Physical presence, including inventory or fulfillment arrangements, can change your compliance position.
If you sell through a marketplace, check whether the marketplace is collecting and remitting tax on your behalf. ALDOR says a remote seller that sells exclusively through a participating marketplace that collects and remits may not need to register for a state sales and use tax account. Sales through your own store, or through a marketplace that does not collect and remit, may still leave you with obligations. Review ALDOR’s guidance on remote seller registration and online and marketplace sales.
Eligible remote sellers may also consider Alabama’s Simplified Sellers Use Tax (SSUT) program. It offers a flat 8% rate on qualifying sales into Alabama. It is an option to assess against your circumstances, not a replacement for checking your registration, marketplace, and filing responsibilities. See ALDOR’s SSUT program information.
This update changes how a qualifying fee is treated in the taxable amount. It does not remove tax from the underlying taxable sale or eliminate a seller’s collection and filing obligations.
Take these steps to protect your sales tax returns
Use this checklist to bring your systems and records into line:
- Review the payment fee itself. Confirm that the charge is a qualifying card transaction fee assessed to offset interchange costs. Don’t assume that every service or handling charge qualifies.
- Update your checkout display. Show the qualifying fee as a distinct line item, separate from the product price and other charges. This helps make the fee identifiable to the customer.
- Check the tax engine configuration. Confirm that Alabama sales tax is calculated on the taxable sale without the qualifying, separately stated fee. Test both card and other payment methods so the treatment follows the actual transaction.
- Inspect invoices and receipts. Make sure the fee appears separately on the customer’s final receipt, not only in your payment processor’s records. A single combined total may make the full amount taxable.
- Reconcile sales from September 1 onward. ALDOR says the treatment applies from September 1, 2026. Review transactions from that date, including those processed before the rule’s October 15 effective date, and compare checkout records with your tax reports.
- Check your Alabama collection route. Review direct sales, marketplace sales, sales thresholds, inventory locations, registration, and returns. Confirm whether SSUT or standard Alabama sales tax applies to your circumstances.
Keep copies of configuration changes, sample receipts, transaction reports, and filed returns. Clear records help you explain why a fee was excluded if your calculations are reviewed.
For international sellers, this is a practical example of why sales tax compliance needs to connect checkout data with filing records. A UK ecommerce accountant or compliance team supporting U.S. sales should be able to track the fee treatment alongside your wider sales tax processes. Sterlinx Global supports ongoing accounting and compliance delivery for international businesses, including bookkeeping, tax calculations, and filings. Learn more about our ecommerce accounting and compliance support.
Frequently asked questions
Does the Alabama exclusion apply from September 1 or October 15, 2026?
Act 2026-587 took effect on September 1, 2026, and ALDOR says its treatment of qualifying fees applies to transactions from that date. October 15, 2026 is the effective date of amended Administrative Code Rule 810-6-3-.50, which sets out the “separate and identifiable” condition. October 15 is not the first date of the statutory exclusion.
by Ariful | Oct 16, 2026 | Australia Updates
The proposal would bring OECD crypto reporting rules into Australian law
The bill would implement the OECD’s Crypto-Asset Reporting Framework (CARF) in Australia. CARF is intended to help tax authorities exchange information about relevant crypto transactions across borders. The proposal delivers a measure announced in the 2025–26 Mid-Year Economic and Fiscal Outlook.
Treasury’s consultation page confirms the draft legislation is open for comment. The details below reflect the draft as reported by Crypto News Australia. The reporting rules remain proposals until legislation is enacted.
This is a tax-transparency initiative, not an announcement of new crypto tax rates. It would change the information some providers must collect and report, helping the ATO check whether taxpayers have met their existing obligations.
Crypto service providers could report transactions from 1 July 2027
Under the proposed domestic regime, businesses providing registrable virtual asset services under Australia’s anti-money laundering laws would report Australian residents’ transactions to the ATO from 1 July 2027.
The types of services in scope include:
- Exchanging crypto for money or other crypto.
- Safekeeping crypto assets for customers.
- Transferring crypto at a customer’s direction.
The draft reporting scope includes exchanges and transfers made by or for Australian residents. This could include transfers between service providers, between users, and to external wallets. A transfer to an external wallet may therefore be relevant even if the receiving wallet is not operated by the platform that initiates the transfer.
If you run a crypto exchange, brokerage, or custodial wallet business, map your services against the proposed scope. Document which transactions you process and what customer and transaction data your systems currently retain. This preparation can help identify gaps before any final commencement requirements take effect.
Reports could include customer details and transaction-level data
The draft proposes that providers report identifying information for each user, including their name, address, ABN and bank account details. For each reportable transaction, the information would include:
- The crypto asset’s name.
- The transaction date and time.
- The value in Australian dollars.
- A transaction ID.
Reports would be quarterly and due 31 days after the end of each reporting period. The information would be subject to the Privacy Act and the ATO’s tax secrecy rules, according to the draft’s reported details.
For platforms, this points to practical work on customer identification, transaction records, data quality and reporting processes. Review whether systems capture consistent timestamps, asset names, AUD values and unique transaction identifiers. Keep an audit trail showing how reported values were calculated and how records were corrected if errors are found.
For traders and businesses, platform reporting does not remove the need to keep your own records. Maintain transaction histories, wallet addresses, exchange statements, acquisition and disposal dates, fees, and supporting evidence for AUD valuations. Keeping records as you transact makes it easier to reconcile activity across multiple platforms and wallets.
CARF reporting could lead to international data exchange in 2028
Under CARF, providers are expected to collect information for the 2027 calendar year and file their first reports in 2028. Australia expects its first exchange of crypto-related information with foreign tax authorities in 2028.
That international dimension matters if you use overseas platforms or have customers and operations across borders. The proposed framework is designed to support information exchange between participating tax authorities. However, it does not mean every crypto transaction or wallet will automatically be visible through a reporting intermediary.
As a point of context, Crypto News Australia reports that Chainalysis estimated in August 2026 that about 14% of on-chain taxable activity falls within CARF’s intermediated reporting scope. That figure highlights a limitation in the framework’s reach; it should not be treated as an exemption from record-keeping or tax obligations.
The bill also proposes changes to the Common Reporting Standard
The bill would extend Australia’s Common Reporting Standard (CRS), which has applied since 2016, to cover e-money products, central bank digital currencies and crypto-referencing derivatives. The proposed changes are intended to take effect from 1 January 2027, subject to the legislation being finalised.
These CRS changes are separate from the proposed domestic crypto reporting start date. If your business offers or uses products that could fall within the expanded scope, identify the relevant products and check what information your systems retain. The precise obligations will depend on the final law and the nature of the product or service.
The ATO already receives crypto data, but Treasury identifies gaps
The draft builds on the ATO’s existing crypto data-matching programme. Crypto service providers currently supply records relating to roughly 700,000 to 1.2 million individuals and entities each year. Treasury says the information varies between providers and does not fully capture holdings on foreign platforms.
The proposed regime aims to establish more consistent reporting and improve cross-border visibility. For Australian businesses and traders, the practical message is straightforward: do not rely solely on a platform’s annual statement. Keep complete records across exchanges, wallets and jurisdictions, and reconcile them regularly.
Use the consultation period to prepare
The bill is still open for consultation, so its final details may change. Crypto platforms, digital asset businesses, traders and accountants can use this period to review the draft and identify operational questions.
A useful preparation checklist:
- Inventory your crypto activity. List the exchanges, wallets, brokers and custody services you use or provide. This gives you a clear view of where records are held.
- Check data completeness. Confirm that transaction IDs, timestamps, asset names, AUD values and customer information can be retrieved consistently.
- Reconcile platform and wallet records. Regular reconciliation helps identify missing transfers and inconsistent transaction histories before reporting or tax return deadlines.
- Monitor Treasury’s final legislation. Track changes to the proposed scope, commencement dates and reporting requirements as the bill progresses.
