Australia to Abolish 50% CGT Deduction on Cryptocurrency Gains, Effective July 2027

The Australian government is set to significantly revise its capital gains tax (CGT) system, including for cryptocurrencies. According to a tax reform law passed in 2026, the 50% deduction for assets held for more than 12 months will be abolished, transitioning to a new system starting July 1, 2027, as reported by Forbes on the 16th. This revision marks the most substantial overhaul in the country's CGT system in the past 25 years. It will significantly change how tax liabilities are calculated for domestic individual investors when selling assets such as cryptocurrencies, stocks, and real estate.