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Australia's New Capital Gains Tax: Crypto Investors Beware
Description
Australias government proposes a significant change to capital gains tax, targeting crypto investors. The new rules set a minimum 30% tax on gains and eliminate the 50% discount for assets held over twelve months. This shift aims to make taxes fairer by adjusting for inflation but may result in smaller profits for crypto holders. The changes disproportionately affect low-income individuals, such as students or part-timers. Crypto executives warn that the new rules may discourage long-term holding and encourage short-term trading. The regulations, set to take effect after July 1, 2027, still require parliamentary approval.
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