James Kirby

Yeah, right.

Yes, you have that issue in housing right across where, as you said, there's a double hit on both the negative gearing and the CGT.

Really interesting, your point about changing the shape of the market and that individual investors could find themselves actually competing with

the blackstone and black rocks of this world.

I mean, it's entirely possible, as you say, because that's what's happened in the US when the private investors withdrew from the market.

OK, that's property.

You can see how wide ranging this is, folks.

There's so much to cut through.

I just want to make one more point about negative gearing in property is grandfathered.

So if you're lucky enough to be doing it already, you'll be fine.

OK, we're talking about it from July 1, 2027 onwards.

CGT, however, just to make things a little bit more complicated, is only partially grandfathered.

Okay, so watch out for that.

CGT, the capital gains tax change that I mentioned at the start of the show, where it goes inflation indexing every year, how that will occur in relation to a property.

Let's say you own one five years before the changeover and five years after.

Your first five years will be assessed on the old system, 50% discount.

after holding it for 12 months.

And the second five years will be assessed on an annual basis on inflation, which is running pretty low at the moment, 3% or 4%.

Have I got that right?

Yeah.