“With Treasurer Jim Chalmers reportedly looking for his next ‘wealth tax’ opportunity, and a senate inquiry into CGT underway, it feels like déjà vu. The 50 per cent CGT discount on assets held for more than 12 months — long considered a reward for long-term investing — has become the latest target.”

Randeria said she believes that super tax legislation, due to start on 1 July 2026, signals a “mindset shift” and the definition of “wealthy” will set a precedent for other structures to be impacted.

“The super system was just the first domino. CGT, with its long-standing 50 per cent discount – or one-third discount for superannuation – is clearly the next,” she said.

“For me, this isn’t just a tax issue — it’s a confidence issue. It’s about how we, as a nation, frame long-term wealth creation. When saving, investing, and planning for the future are penalised, we risk undermining the very behaviours that build economic resilience.”

Randeria continued that many reform advocates have argued that the CGT discount disproportionately benefits property investors and high-net-worth individuals.

“The discount isn’t a loophole — it’s an adjustment that recognises inflation, risk, and the value of patient investing. Removing or reducing it would make long-term investment less attractive, push more people toward short-term speculation, and create unintended distortions in both the property and equity markets,” she said

“It’s politically convenient to label the discount as ‘generous’, but economically, I believe it’s sound policy that supports stability and growth.”

Randeria said until there is some certainty about how the government will treat CGT she is advising SMSF trustees to be aware and stay informed.

“This is not a time for complacency. There’s no solid evidence that tinkering with the CGT discount will fix Australia’s housing crisis. In fact, it could do the opposite. Reducing incentives for property investment may drive investors out of the market, limit rental supply even further, and ultimately push prices higher — not lower,” she said.

“Before major reform is pushed through under the banner of ‘fairness’ or ‘affordability’, I think we need to ask the hard questions: what analysis actually supports this move? Where’s the modelling that proves it will help Australians get into housing, rather than make the situation worse?

“For SMSF trustees — and indeed for all investors — my message is simple: stay alert. In this environment, staying alert to what’s next might just be the smartest investment strategy left.”