Australia to Abolish 50% Capital Gains Tax Discount for Cryptocurrencies from July 2027

Odaily Planet Daily News: Australia will reform its capital gains tax system, abolishing the 50% capital gains tax discount for assets held for more than 12 months from July 1, 2027, covering asset classes such as stocks, real estate, and cryptocurrencies. The new rules will introduce cost base indexation, meaning the purchase price will be adjusted for inflation, and will set a minimum capital gains tax rate of 30%. Gains realized before July 1, 2027 will be subject to the old rules, while those realized after will be subject to the new regulations. Tax experts advise cryptocurrency holders to organize their records and consult a tax advisor to assess whether selling assets before the deadline could result in a more favorable post-tax outcome.