Negative Gearing and Capital Gains Tax Reform
负扣税与资本增值税（CGT）改革
The Government is reforming negative gearing and capital gains tax (CGT) arrangements. These reforms will limit the benefits of negative gearing to new residential properties, re-introduce capital gains tax cost base indexation, and introduce a 30 per cent minimum tax on capital gains.
政府将对负扣税（Negative gearing）与资本增值税（CGT）安排进行改革。改革将把负扣税优惠限定于新建住宅物业，重新引入资本增值税的成本基础指数化（Cost base indexation），并设立 30% 的资本增值最低税率。
From 1 July 2027, the Government will:
自2027 年 7 月 1 日起，政府将：
Limit negative gearing for residential property investments to new builds; and
把住宅投资物业的负扣税限定于新建物业；以及Replace the 50 per cent CGT discount for individuals, trusts and partnerships with cost base indexation and a 30 per cent minimum tax rate on capital gains.
以成本基础指数化与 30% 资本增值最低税率，取代目前适用于个人、信托和合伙的 50% CGT 折扣。
The impact of these changes on existing investments will be limited. Properties held before announcement (7:30pm AEST 12 May 2026) will be exempt from the negative gearing changes. The CGT reforms will only apply to gains accruing after 1 July 2027.
改革对现有投资影响有限。在公告时间（2026 年 5 月 12 日 19:30 AEST）之前已持有的物业不受负扣税新规约束；CGT 改革仅适用于 2027 年 7 月 1 日之后产生的资本增值部分。
Rental losses can only reduce income from residential properties
租金亏损仅可抵扣住宅物业相关收入
Under current tax settings, losses from a rental property can be used to reduce other forms of taxable income (e.g. salary and wages). This encourages leveraged property investments that can lead to investors receiving greater tax advantages than those available to owner occupiers.
在现行税制下，出租物业的亏损可用于抵扣其他应税收入（如工资薪金）。这鼓励了以高杠杆方式进行的房产投资，使投资者获得了高于自住业主的税务优惠。
From 1 July 2027, losses related to existing residential investment properties purchased from 7:30pm AEST 12 May 2026 will only be deductible against other income from residential properties, including capital gains.
自2027年7月1日起，于2026年5月12日19:30 AEST 之后购买的既有住宅投资物业所产生的亏损，仅可用于抵扣其他住宅物业相关收入（含资本利得），不再可抵扣工资等其他收入。
However, when an investor has excess losses, they will be able to carry forward that excess to offset residential property income in future years. Enabling losses to be carried forward ensures investors remain able to claim a deduction in the future for costs such as maintenance.
如投资者出现超额亏损，可将其向后结转（Carry forward），在未来年度抵扣住宅物业收入。此举确保投资者未来仍可就维护等成本进行扣除。
These changes will apply to individuals, partnerships, companies and most trusts. Widely held trusts (For example, most managed investment trusts) and superannuation funds (Including SMSFs) will be excluded.
以上规则适用于个人、合伙、公司及大部分信托。广泛持有的信托（如多数管理投资信托）以及养老金基金（包括自管养老金 SMSF）不在此列。
Cost base indexation
成本基础指数化
The current 50 per cent CGT discount was introduced in 1999, allowing taxpayers to reduce their taxable capital gain by half rather than adjusting for inflation. As a result, the 50 per cent discount does not accurately approximate the inflation component of gains, meaning investors are undercompensated or overcompensated depending on their returns.
现行的 50% CGT 折扣于 1999 年引入，纳税人可将应税资本利得减半计算，而非按通胀进行调整。这导致 50% 折扣无法准确反映资本增值中的通胀部分，投资者可能被低估或高估补偿，视其实际回报而定。
Returning to indexation based on the Consumer Price Index (CPI) aligns with the original intent of the CGT regime and supports productivity over time by ensuring that investment decisions are taken for economic reasons, not due to tax outcomes.
回归基于消费者物价指数（CPI）的指数化做法，符合 CGT 制度的最初设计意图，并能促使投资决策更多出于经济考量而非税务安排，从而长期提升生产力。
Indexation will be calculated using CPI in a similar manner to arrangements previously in place between 1985 and 1999. The ATO will provide guidance and tools to support calculation of this adjustment.
指数化将参照 1985 至 1999 年间的做法，以 CPI 为基础进行计算。澳大利亚税务局（ATO）将提供相应的指引与计算工具。
These changes will apply to all CGT assets (including property and shares) held by individuals, partnerships and trusts for at least 12 months. Applying these changes broadly across assets ensures the CGT settings are broadly asset neutral with only targeted exemptions.
上述变更适用于个人、合伙与信托所持有满 12 个月的所有 CGT 资产（包括房地产与股票）。该做法可保持 CGT 在各类资产间整体中立，仅在特定情形下给予豁免。
Minimum tax on capital gains
资本增值的最低税率
A minimum tax rate of 30 per cent will apply to real capital gains accruing from 1 July 2027 (With no impact until the income is realised). This will not affect people whose capital gains are already taxed at rates of at least 30 per cent.
自2027 年 7 月 1 日起产生的实际资本利得将适用 30% 的最低税率（在收益实现之前不会产生影响）。对于资本利得已按 30% 或更高税率纳税的纳税人，本规定不会带来额外影响。
Recipients of means-tested income support payments, such as the Age Pension or JobSeeker, will be exempted from the minimum tax if they receive any payment in the financial year in which they realise the capital gain.
如纳税人在实现资本利得当年的财政年度内获得了基于收入资产审查的政府补助（如 Age Pension 老年金、JobSeeker求职津贴），则可豁免该最低税率。
Comparison of Returns, Inflation and Effective Rates
回报率、通胀与实际税率的比较
As shown below, if indexation had been in place over the past 20 years instead of the current arrangements, the effective discount would have ranged from 35-60 per cent on average for typical assets held for five or ten years. This equates to an effective tax rate on the nominal gain of between 13 per cent and 30 per cent.
如下表所示，若过去 20 年采用指数化制度（取代现行 50% 折扣），对于持有 5 年或 10 年的典型资产而言，平均实际折扣约在 35%–60% 之间，对应名义资本利得的实际税率约在 13%–30% 之间。
Table 1: Comparison of tax rates under indexation on average over past 20 years
表 1：基于过去 20 年平均水平的指数化税率对比
注：(a) 资产持有 5 年或 10 年并于该期间出售的年均回报，不含租金或分红收入及其他投资成本；(b) 持有期内通胀在名义资本利得中的占比；(c) 指数化后名义利得在 32% 边际税率下的实际税率；(d) 指数化后名义利得在 47% 边际税率下的实际税率。资料来源：Cotality Data、ASX 及澳洲财政部分析（Budget Paper No. 1, Statement 4）。
Transitional arrangements
过渡安排
Transitional arrangements for negative gearing
负扣税的过渡安排
New builds can continue to be negatively geared before and after 1 July 2027.
新建物业在 2027 年 7 月 1 日前后均可继续适用负扣税。
For established residential properties:
对于既有住宅物业：
Properties held at announcement (Including where a contract has been entered into, but not yet settled) will be allowed to be negatively geared in future years until sold. This ensures that arrangements for taxpayers who have already made investment decisions based on the existing negative gearing rules will not change.
在公告时间已持有（或已签合同但尚未交割）的物业，在出售前仍可继续适用负扣税，确保已基于现行规则作出投资决策的纳税人安排不受影响。Properties purchased between announcement and 30 June 2027 may be negatively geared during this period, but not from 1 July 2027.
在公告时间至 2027 年 6 月 30 日之间购买的物业，可在该期间适用负扣税，但自 2027 年 7 月 1 日起停止适用。Properties purchased from 1 July 2027 will not be able to be negatively geared.
自 2027 年 7 月 1 日起购买的物业，将不能再适用负扣税。
Transitional arrangements for capital gains tax
CGT 的过渡安排
For eligible CGT assets other than new residential properties:
对于新建住宅物业以外的符合资格的 CGT 资产：
There will be no changes in arrangements for assets purchased and sold prior to 1 July 2027.
于 2027 年 7 月 1 日前买入并卖出的资产，沿用现行规则。Assets purchased after 1 July 2027 will be treated wholly under the new arrangements.
于 2027 年 7 月 1 日之后购买的资产，全部适用新规则。Assets owned prior to 1 July 2027 and sold after 1 July 2027 will be treated under current arrangements on gains made prior to this date, and under the new arrangements for gains made after this date (With no impact until gains are realised).
在 2027 年 7 月 1 日前持有、并于该日之后出售的资产，该日之前累积的资本利得沿用现行规则，该日之后累积的部分则适用新规则（实现前不产生影响）。
The 50 per cent CGT discount will apply to the difference between the asset’s cost base and its value at 1 July 2027. Indexation and the minimum tax will be used to calculate the CGT on gains accruing from 1 July 2027 (using the asset’s value at 1 July 2027 as the asset’s cost base).
50% CGT 折扣适用于资产成本基础与 2027 年 7 月 1 日时市值之间的差额；2027 年 7 月 1 日之后产生的资本利得，则按指数化与最低税率计算 CGT（以 2027 年 7 月 1 日的市值作为新成本基础）。
An asset’s value at 1 July 2027 will be determined by taxpayers as part of their tax return in the year the asset is realised. Taxpayers can either:
资产在 2027 年 7 月 1 日的市值，将由纳税人在出售当年报税时确定，方式包括：
Seek a valuation of the asset as at 1 July 2027, which will include using quoted prices for assets such as shares; or
自行就 2027 年 7 月 1 日的资产进行估值（如对股票等可使用市场报价）；或Use a specified apportionment formula that estimates the asset’s value on 1 July 2027, based on its growth rate over the asset’s holding period. The ATO will provide tools to estimate this value for taxpayers.
使用 ATO 提供的特定分摊公式，根据资产整个持有期内的增长率估算其 2027 年 7 月 1 日的市值，ATO 将提供相应计算工具。
These transitional arrangements also apply to legacy assets, including those purchased before 1985. Gains on pre-1985 assets accrued before 1 July 2027 will continue to be exempt.
上述过渡安排同样适用于历史性资产，包括 1985 年之前购入的资产。1985 年前资产在 2027 年 7 月 1 日之前累积的资本利得，将继续享有 CGT 豁免。
New build exemption
新建物业的特别安排（豁免）
Investors who buy new builds will be able to choose either the 50 per cent CGT discount or indexation and the minimum tax when they sell the property. These investors will also continue to have access to negative gearing. This means if they make a rental loss on a new build, they can still use that loss to reduce their taxable income (Including salary and wages).
购买新建物业的投资者，在出售时可自行选择适用 50% CGT 折扣，或选择指数化加最低税率；同时仍可继续享受负扣税。换言之，若新建物业出现租金亏损，投资者仍可用该亏损抵扣其他应税收入（含工资薪金）。
New builds are residential properties which genuinely add to supply (See Table 2). This will include: dwellings constructed on vacant land, or where existing properties are demolished and replaced with a greater number of dwellings. Knock-down rebuilds or substantial renovations that do not increase supply will not be eligible.
「新建物业」指真正增加住房供给的住宅（见表 2），包括：在空地上新建的住宅，或推倒既有物业后改建出更多住宅单位的项目。仅推倒重建或大规模翻新但未增加住房数量的项目，则不符合资格。
A new build cannot have been previously sold, unless first owned by the builder and not occupied for more than 12 months. Subsequent purchasers of the dwelling will not be able to access the 50 per cent CGT discount or negative gearing in relation to that property. This is similar to how stamp duty exemptions apply to new builds under some state-based arrangements.
新建物业必须为首次出售；唯一例外是由建筑商最初持有且占用时间不超过 12 个月。该物业的后续购买者无法就此物业获得 50% CGT 折扣或负扣税，类似于部分州对新建物业适用印花税减免的做法。
Table 2: New builds comparison
表 2：新建物业适用范围对照
Other exemptions
其他豁免
The main residence will continue to be exempt for CGT purposes. The four small business CGT concessions will also be unchanged. The existing 60 per cent CGT discount applying to qualifying affordable housing will be fully retained to preserve incentives to invest in those assets.
自住主屋将继续享有 CGT 豁免；四项小企业 CGT 优惠（Four small business CGT concessions）也保持不变；适用于合资格可负担住房的 60% CGT 折扣将完整保留，以维持对该类资产的投资激励。
Given the unique characteristics of the tech and start up sector the Government will consult on the interaction of the capital gains tax reforms and incentives for investment in early-stage and start up businesses.
鉴于科技与初创领域的特殊性，政府将就 CGT 改革与早期及初创企业投资优惠之间的衔接问题进行咨询。
Changes to negative gearing will only apply to residential property. Commercial property and other asset classes, such as shares, will remain subject to existing arrangements.
负扣税相关改革仅适用于住宅物业；商业物业及股票等其他资产类别将继续沿用现行安排。
Further exemptions to the negative gearing changes will also be available for private investors who support government housing programs, for example, through the provision of affordable housing.
对支持政府住房计划（例如提供可负担住房）的私人投资者，将另设负扣税新规的相应豁免。
Case Study
案例分析
Impacts on existing property investors 对现有房产投资者的影响（Michael）
Michael owns an investment property purchased before 12 May 2026 that is negatively geared. He can continue to negatively gear this property in future years by using losses from his investment property against other income.
Michael 在 2026 年 5 月 12 日之前购入一处采用负扣税的投资物业。未来年度他仍可继续以该物业产生的亏损抵扣其他收入。
Michael sells the property two years after the policy commences for $560,000. Michael still receives the 50 per cent CGT discount for the capital gain he makes on the property between the purchase date and 1 July 2027. He uses ATO tools to determine its value on that date was $500,000.
政策生效两年后，Michael以 560,000 澳元出售物业。对于购入日至 2027 年 7 月 1 日之间的资本利得，仍可适用 50% CGT 折扣；他通过 ATO 工具确定该日物业市值为 500,000 澳元。
After adjusting for two years of inflation of 2.5 per cent, his taxable capital gain for the period after 1 July 2027 is $34,688, slightly more than if he had applied a 50 per cent discount (Which would have resulted in a taxable capital gain of $30,000). Assuming a 47 per cent tax rate, the tax on his gain since 1 July 2027 is $16,303 (Instead of $14,100 with a 50 per cent discount). Michael does not pay any tax on the capital gain until he sells his property.
按年均 2.5% 通胀调整两年后，2027 年 7 月 1 日之后阶段的应税资本利得为 34,688 澳元，略高于沿用 50% 折扣下的 30,000 澳元。假设边际税率为 47%，该阶段应缴税款为 16,303 澳元（沿用 50% 折扣则为 14,100 澳元）。资本利得税在物业实际出售前不会产生。
Carrying forward losses for future property investors 未来投资者的亏损结转
A person buying a new build property can continue to negatively gear as per current arrangements.
购买新建物业者仍可按现行规则继续适用负扣税。
For an individual purchasing an existing property after the announcement, the impact depends on the size of their rental loss and how much other income they have. For example, assuming a rental loss of $14,810:
对在公告时间之后购买既有物业的个人而言，影响取决于其租金亏损规模与其他收入水平。以年度租金亏损 14,810 澳元为例：
For a person with $80,000 in other income this deduction would be worth $4,761.
其他收入为 80,000 澳元者，该抵扣价值为 4,761 澳元。For a person with $210,000 in other income this deduction would be worth $6,961.
其他收入为 210,000 澳元者，该抵扣价值为 6,961 澳元。
This person will instead carry forward their $14,810 loss to use against future property income. The tax value of this future deduction will also depend on their other income at the time.
在新规下，该 14,810澳元亏损将向后结转，用于抵扣未来年度的物业相关收入；该未来抵扣的税务价值同样取决于届时的其他收入水平。
Negative gearing an existing residential property bought after announcement
在公告后购入既有住宅的负扣税情形（Yoonseo）
Yoonseo earns an income of $100,000 and buys an existing residential investment property for $519,000 (Including stamp duty) after the policy start date, rents it out and sells it ten years later for $814,447. Over the first five years that she owns the property she has net rental losses and accumulates $22,879 of carry forward losses.
Yoonseo 年收入100,000 澳元，在政策生效后以 519,000 澳元（含印花税）购入一处既有住宅投资物业，出租十年后以 814,447 澳元出售。前五年她出现净租金亏损，累计结转亏损 22,879 澳元。
In the following five years, Yoonseo applies most of these carried forward losses to reduce her positive net rent over this period from $18,079 to zero. In the year she sells the property she uses the remaining carried forward losses to reduce her real estate capital gain from $150,083 to $145,284. Overall, she pays $186 more in nominal tax over the years of her investment compared to previous settings.
接下来的五年，她用大部分结转亏损将期间正向净租金 18,079 澳元抵至 0；在出售当年，再以剩余结转亏损将资本利得从 150,083 澳元降至145,284 澳元。整个投资期间，相较旧规则她仅多缴名义税款 186 澳元。
Had Yoonseo bought a new build property, she would not pay additional tax as negative gearing and the existing capital gains tax discount would still be available for this property.
若Yoonseo 当初购买的是新建物业，则因仍可适用负扣税与现行 CGT 折扣，将无需缴纳任何额外税款。
Cost base indexation 成本基础指数化（Zoe）
Zoe purchases shares in a company for $100 on 1 July 2027. She then sells her shares on 1 July 2032 for $125, having made a nominal gain of $25 from this investment, with an investment return of 4.6 per cent per year.
Zoe 于 2027 年 7 月 1 日以 100 澳元买入某公司股票，并于 2032 年 7 月 1 日以 125 澳元卖出，名义资本利得为 25 澳元，年化回报率约 4.6%。
As the shares were purchased after 1 July 2027, Zoe’s capital gains are subject to cost base indexation. Inflation is 2.5 per cent each year Zoe holds the assets and, using ATO tools, Zoe can work out that the indexed cost base of the shares is $113.
由于股票在 2027 年 7 月 1 日之后买入，其资本利得适用成本基础指数化。持有期间年通胀率为 2.5%，借助 ATO 工具，Zoe 计算出指数化后的成本基础为 113 澳元。
Zoe’s taxable capital gain is reduced from $25 to $12 under cost base indexation. This is slightly less than the taxable capital gain of about $13 under the 50 per cent discount, meaning she will pay slightly less tax.
成本基础指数化后，应税资本利得由 25 澳元降至 12 澳元，略低于沿用 50% 折扣下的约 13 澳元，因此 Zoe 实际税负略有下降。
Transitional CGT arrangements CGT 过渡安排（Jane）
Jane purchases an asset on 1 July 2022 for $800,000. She sells the asset on 1 July 2032 for $1,600,000 earning a 7.2 per cent annual return. Using ATO tools, Jane determines that the asset was worth $1,131,371 at commencement of the policy (1 July 2027).
Jane 于 2022 年 7 月 1 日以 800,000 澳元购入一项资产，2032 年 7 月 1 日以 1,600,000 澳元卖出，年化回报率约 7.2%。借助 ATO 工具，她确定该资产在政策生效日（2027 年 7 月 1 日）的市值为 1,131,371 澳元。
Under the transitional rules, Jane calculates her taxable capital gain by adding:
依据过渡规则，Jane 的应税资本利得由以下两部分相加构成：
Taxable capital gains of $165,685 earned before commencement, which is equal to gross capital gains of $331,371 with the 50 per cent CGT discount; plus
政策生效前累计应税资本利得 165,685 澳元（即总资本利得331,371 澳元适用 50% 折扣后的金额）；以及Taxable gains of $319,958 earned after commencement, which is equal to the gain of $468,629 less cost base indexation.
政策生效后累计应税资本利得 319,958 澳元（即名义利得468,629 澳元扣除成本基础指数化后的金额）。
Her total taxable capital gain is $485,643. This is more than the $400,000 that would have been calculated if a 50 per cent discount applied to the gain overall. Assuming a 47 per cent tax rate, the tax on her gain is $228,252 (Compared to $188,000 with a 50 per cent discount).
合计应税资本利得为485,643 澳元，高于全程沿用 50% 折扣下的 400,000 澳元。假设边际税率为 47%，应缴 CGT 为 228,252 澳元（沿用 50% 折扣则为 188,000 澳元）。
Different rates of return 不同回报率情形（David / Ben / Kate）
People will be affected differently depending on the rate of return on their assets. For example, assuming 2.5 per cent inflation, an asset purchased for $500,000 in July 2027, a holding period of 10 years, and $100,000 in other income per year:
纳税人受影响的程度因资产回报率而异。以下例为例：通胀 2.5%，2027 年 7 月以 500,000 澳元购入资产，持有 10 年，每年其他收入为 100,000 澳元：
David earns an annual rate of return of 5 per cent, similar to longer term returns on residential real estate. He will have a taxable capital gain of $174,405 under cost base indexation compared to $157,224 under the current 50 per cent discount. He will pay an extra $8,075 in tax due to the reforms.
David 年回报率 5%（接近住宅地产长期水平）：指数化下应税资本利得为 174,405 澳元，沿用 50% 折扣为 157,224 澳元，改革后多缴税 8,075 澳元。
Ben earns a lower 2.5 per cent annual return. As Ben does not earn a positive return on his investment after inflation, he will not have a taxable capital gain under cost base indexation. Under the 50 per cent discount his taxable capital gain would have been $70,021. He will pay $24,858 less in tax due to the reforms.
Ben 年回报率 2.5%：扣除通胀后无正回报，指数化下无应税资本利得；沿用 50% 折扣应税利得为 70,021 澳元，改革后少缴税 24,858澳元。
Kate earns a higher 7.5 per cent annual return. She will have a taxable capital gain of $390,474 under cost base indexation compared to $265,258 under the current 50 per cent discount. She will pay an extra $58,851 in tax due to the reforms.
Kate 年回报率 7.5%：指数化下应税资本利得为 390,474 澳元，沿用 50% 折扣为 265,258 澳元，改革后多缴税 58,851澳元。
Minimum tax on capital gains 资本增值最低税率（Jack）
Jack has a taxable income before capital gains of $25,000 in 2029–30 and realises a capital gain of $10,000 on an asset that he purchased in 2027–28. Jack does not receive an income support payment so is not exempt from the minimum tax.
Jack 在 2029–30 年度的资本利得前应税收入为 25,000澳元，并就 2027–28 年度购入的资产实现 10,000澳元资本利得。Jack 当年未领取政府收入补助，因此不能豁免最低税率。
The tax on Jack’s capital gain of $10,000 is $1,400, or a tax rate of 14 per cent (Excluding the Medicare levy). As this is lower than 30 per cent, Jack pays an additional $1,600 in tax to bring the tax rate on his capital gain up to 30 per cent.
按其边际税率，10,000 澳元资本利得对应税款 1,400 澳元（不含Medicare levy），税率约 14%，低于 30%。Jack 需额外缴纳 1,600 澳元，使其资本利得整体税率达到 30%。
Jack may have tax offsets available to reduce the minimum tax and would be exempt from the minimum tax if he received an income support payment in that year.
Jack 可能享有其他税务抵免可降低该最低税；如其当年领取了政府收入补助，则可豁免最低税。
小结 Summary
本次预算案对负扣税与资本增值税的改革，将自 2026 年 5 月 12 日 19:30 AEST 公告起逐步推行，重大调整自 2027 年 7 月 1 日起生效。核心要点：
公告前持有的物业不受影响，仍可继续负扣税；
公告后买入的既有住宅，自 2027 年 7 月 1 日起，租金亏损只可抵扣住宅物业相关收入；
新建住宅可继续享受负扣税及 50% CGT 折扣或新指数化方式；
个人、信托、合伙的 50% CGT 折扣由「成本基础指数化 + 30% 最低税率」取代，仅适用 2027 年 7 月 1 日之后累积的资本利得；
自住主屋、小企业 CGT 优惠、affordable housing 60% 折扣均不受影响。
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Source: Australian Budget 2026–27 – Negative Gearing and Capital Gains Tax Reform
资料来源：澳大利亚联邦预算案 2026–27 – 负扣税与资本增值税改革
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