Australia plans to adjust capital gains tax, impacting cryptocurrency investors.

CoinFeed reported on May 11th that, according to Cointelegraph, the Albany government in Australia plans to abolish the 50% capital gains tax discount on assets held for more than 12 months in its 2027 budget, replacing it with a taxation model based on all real gains after adjusting for inflation. This could increase the tax burden on long-term cryptocurrency gains. The change will take effect in July 2027, with assets purchased after May 10th receiving a one-year grace period, and assets purchased before that date receiving a proportional tax exemption. This change could impact long-term investors, especially high-income earners. Industry critics argue that this move would double the capital gains tax from approximately 23.5% to 46%-47%, potentially causing investors to withdraw funds from businesses, stocks, and rental properties and instead flock to tax-free owner-occupied properties.