Robin Singh, CEO and founder of Koinly said the changes will hurt low-income crypto investors most and could encourage more short-term trading.
Australia’s proposed changes to capital gains tax could lead to smaller profits for cryptocurrency traders, especially low-income earners, and could discourage “patient investing,” according to several crypto executives.
The proposed reform, announced by the ruling Labor Party on Tuesday as part of its fiscal year 2027 budget, will bring in a minimum 30% tax on capital gains and scrap the 50% capital gains tax discount on assets held for more than 12 months.
Robin Singh, CEO and founder of crypto tax platform Koinly, told Cointelegraph the proposed changes are a mixed bag: The new system “theoretically” protects investors from being taxed on purely inflationary gains, but in practice, most crypto investors will pay more tax, with low-income earners hit the hardest.
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