Host Trent Fleskens and tax accountant Carlo Baudi unpack proposed budget changes affecting property investors, stressing they are not yet legislated. They explain the shift from the 50% CGT discount toward inflation indexation from 1 July 2027, with gains before that date effectively grandfathered and calculated via ATO pro‑rating or a 30 June 2027 market valuation. They highlight a new minimum 30% tax on capital gains and trust distributions, which they argue hits lower-income earners harder and reduces the benefits of trusts. On negative gearing, they discuss restricting deductions to new builds while grandfathering existing holdings, potentially diverting investment to house-and-land and apartments, reducing rentals in established suburbs, and lowering borrowing capacity. They suggest reviewing structures (personal vs company) and seeking tailored accounting advice.