[Australia to Abolish 50% Capital Gains Tax Discount on Crypto Assets] According to Forbes, Australia has passed the *Tax Law Amendment (Tax Reform No. 1) 2026*, which will abolish the 50% capital gains tax discount for assets held for over 12 months starting from July 1, 2027. It will be replaced with a cost-based inflation indexation mechanism and a minimum 30% capital gains tax rate. Gains accumulated before July 1, 2027, will be subject to the old rules. Investors are required to distinguish between gains under the old and new rules and maintain proper records.