The 50% CGT Discount Is Being Replaced — Here's Exactly What Changes from 1 July 2027 50% CGT折扣即将取消——2027年7月1日起的变化详解

What is the 50% CGT discount — and why is it changing? 什么是50% CGT折扣——为何要改变？

Since 21 September 1999, if you held an asset for more than 12 months before selling, you only paid tax on half of your capital gain. The other half was completely tax-free. This applied to shares, investment properties, ETFs, managed funds — almost any personally held asset. 自1999年9月21日起，若您持有资产超过12个月后出售，仅需就资本收益的一半缴税，另一半完全免税。这适用于股票、投资房产、ETF、管理基金——几乎所有个人持有的资产。

For a high-income earner on the top marginal rate of 45%, the effective CGT rate was 22.5% (plus Medicare Levy). For a middle-income earner on 32.5%, it dropped to 16.25%. This made long-term investing extraordinarily tax-efficient in Australia. 对于适用45%最高边际税率的高收入者，实际CGT税率为22.5%（加医疗保险税）。适用32.5%税率的中等收入者，有效税率降至16.25%。这使澳洲的长期投资具有极高的税务效率。

The Albanese Government's view: the discount has contributed to rising asset prices — particularly property — and disproportionately benefits high-income investors. The 2026–27 Budget replaces it with a system designed to tax only real gains above inflation. 阿尔巴尼斯政府认为：该折扣助推了资产价格上涨（尤其是房产），且对高收入投资者的优惠明显不成比例。2026–27预算以一套仅对超出通胀的实际收益征税的制度取而代之。

What replaces it — the two new mechanisms 取而代之的是什么——两项新机制

From 1 July 2027, two things apply together:从2027年7月1日起，以下两项同时适用：

1. CPI indexation of your cost base1. 成本基数的CPI指数调整

Instead of halving your gain, you index your cost base by the Consumer Price Index (CPI) from the purchase date to the sale date. This means if your asset grew in line with inflation, you pay no tax. You only pay tax on the gain above inflation — the real gain. 不再将收益减半，而是将您的成本基数按购入至出售期间的消费者物价指数（CPI）进行调整。这意味着如果您的资产增值与通胀同步，则无需缴税。您只需就超出通胀的部分——即实际收益——缴税。

This is a return to how CGT worked from 1985 to 1999, but with one key difference: the old system froze the CPI at September 1999. The new system will use live, ongoing CPI — so your cost base keeps growing with inflation indefinitely. 这是对1985至1999年CGT运作方式的回归，但有一个关键区别：旧制度将CPI冻结在1999年9月。新制度将使用实时持续更新的CPI——您的成本基数将随通胀无限期增长。

2. A 30% minimum tax on real gains2. 对实际收益征收30%最低税率

After indexation, any remaining real gain is subject to a minimum 30% tax rate. This means even if your marginal tax rate is lower (say, 16%), you'll still pay at least 30% on the real capital gain. CPI调整后，剩余的实际收益须缴纳最低30%税率。这意味着即使您的边际税率较低（如16%），仍需就实际资本收益缴纳至少30%的税款。

Exception: if you receive means-tested government payments such as the Age Pension or JobSeeker in the year of sale, the 30% minimum is waived — you pay at your actual marginal rate. 例外情况：若您在出售当年领取经经济状况审查的政府福利（如养老金或求职者津贴），则免除30%最低税率，按实际边际税率计税。

The transitional rules — the most important part for existing investors 过渡规则——对现有投资者最重要的部分

If you already own assets, the transition works like this:如果您已持有资产，过渡安排如下：

• Assets sold before 1 July 2027:2027年7月1日前出售的资产： Nothing changes. Current rules apply — 50% discount as usual.无任何变化，适用现行规则——照常享受50%折扣。
• Assets purchased on or after 1 July 2027:2027年7月1日或之后购入的资产： Fully subject to the new rules from day one.从第一天起完全适用新规则。
• Assets you already hold and sell after 1 July 2027:您已持有并于2027年7月1日后出售的资产： The gain is split at 1 July 2027.收益在2027年7月1日处分割计算。

How the split works分割方式详解

For assets you already own, the gain is divided into two portions at 1 July 2027:对于您已持有的资产，收益在2027年7月1日分为两部分：

• Pre-2027 gain2027年前增值 (from your purchase price to the asset's value at 1 July 2027) → 50% CGT discount applies → taxed at your marginal rate（从购入价至2027年7月1日资产价值）→ 适用50% CGT折扣 → 按边际税率计税
• Post-2027 gain2027年后增值 (from the asset's value at 1 July 2027 to your sale price) → CPI indexed from 1 July 2027 + 30% minimum tax（从2027年7月1日资产价值至出售价）→ 从2027年7月1日起CPI调整 + 30%最低税率

To determine the split, you can either get a formal market valuation of your asset at 1 July 2027, or use an ATO-approved apportionment formula that estimates the value based on the asset's growth over the holding period. 确定分割点，您可以获取资产在2027年7月1日的正式市场估值，或使用ATO批准的分摊公式，根据持有期间资产增值情况估算届时价值。

Real examples — shares实际案例——股票

Real examples — investment property实际案例——投资房产

Note that in this property example, the new rules actually produce a slightly lower tax bill — because the post-2027 portion benefits from CPI indexation, which is significant over three years of higher inflation. The outcome varies depending on inflation, holding period, and your income. 注意，在此房产案例中，新规则实际产生的税单略低于现行规则——因为2027年后部分受益于CPI指数调整，在通胀较高的三年中效果显著。具体结果因通胀率、持有期限和收入水平而有所不同。

New builds — a special carve-out新建房产——特别豁免

New residential builds are excluded from the new CGT framework. Investors who purchase a newly constructed property can choose to apply either the old rules (50% discount) or the new rules (CPI indexation + 30% minimum), whichever produces a better outcome. 新建住宅不适用新CGT框架。购买新建房产的投资者可自行选择适用旧规则（50%折扣）或新规则（CPI调整+30%最低税率），以更有利的方式为准。

This is designed to incentivise construction of new housing and maintain attractiveness of new build investment. 此举旨在激励新建住房，并维持新建房产投资的吸引力。

What about negative gearing?负扣税怎么变？

The Budget also proposes changes to negative gearing from 1 July 2027. For established properties purchased after 12 May 2026, net rental losses can only be offset against rental income — not against wages or other income. Excess losses carry forward to future years. 预算还提议从2027年7月1日起变更负扣税规则。对于2026年5月12日后购入的存量房产，净租金亏损只能抵扣租金收入，不能抵扣工资或其他收入。超额亏损可结转至以后年度。

Properties purchased before 12 May 2026, and all new builds, are unaffected. 2026年5月12日前购入的房产及所有新建房产不受影响。

Key dates to remember重要日期

Date日期	What happens发生什么
12 May 2026	Budget announced. Negative gearing cut-off for established properties purchased after this date.预算公布。此后购入的存量房产失去负扣税对其他收入的抵扣权。
Before 1 Jul 20272027年7月1日前	Current rules apply. Consider whether to sell before new rules commence.适用现行规则。考虑是否在新规则生效前出售。
1 July 2027	New CGT rules start (subject to Parliament). 50% discount replaced for most assets.新CGT规则生效（须经国会批准）。大多数资产的50%折扣被取代。
30 June 2028 tax return2028年6月30日税务申报	First year some investors will need to report split-treatment gains.首个需要申报分割处理收益的年度。

What should you do now?现在该怎么做？

This is not a call to panic-sell. But it is worth reviewing your portfolio with a few questions in mind:这并非呼吁恐慌性抛售，但值得带着以下问题审视您的投资组合：

• Do you have assets with large unrealised gains that you were planning to sell in the next few years anyway? Selling before 1 July 2027 locks in the 50% discount on the entire gain.您是否持有账面收益较大、原本计划在未来几年出售的资产？在2027年7月1日前出售可锁定全部收益的50%折扣。
• Do you own new builds? You'll retain the ability to choose the most favourable method.您是否持有新建房产？您将保留选择最有利方式的权利。
• Are you planning to buy investment property after 12 May 2026? The negative gearing restriction applies from that date.您是否计划在2026年5月12日后购入投资房产？负扣税限制从该日期起适用。
• What is your asset's likely value at 1 July 2027? Getting a valuation locked in around that date will give you a precise transitional split.您的资产在2027年7月1日的可能价值是多少？在该日期前后锁定估值，将为您提供精确的过渡分割依据。