The headlines say the CGT discount has changed and indexation is back. But for professional advisers, that is only the beginning.

In Episode 1 of the CGT Reform Mini-Series, Sally Preston explains why the enacted CGT and negative gearing reforms require advisers to rethink how capital gains are classified, sequenced, evidenced and reviewed.

Under the new rules, advisers need to identify the type of gain, apply losses and quarantined residential amounts in the correct order, preserve reset-date evidence and consider whether indexation, Division 152 or the minimum tax overlay applies.

In this episode, we cover:

• why “indexation is back” is too simplistic;
• how the amended section 102-5 method statement changes the workflow;
• why gain categories and statutory ordering matter;
• how residential amounts and quarantined losses may affect later CGT calculations;
• why reset-date evidence may matter even if the client is not selling before 30 June 2027;
• why gain categories must be preserved through trusts, trustee records and beneficiary-level calculations;
• why workpapers, trust records and adviser review processes need to change.

This is podcast for tax professionals who want to explore Australian tax law in more depth and apply it with confidence in real client situations.

In this pre-launch episode, Sally Preston sets the tone for the show and explains what listeners can expect from Smarten Up - The Tax Expert Podcast. You’ll get a feel for the kind of discussions ahead — more technical yet practical and focused on helping tax professionals think more clearly about the law and how it applies in practice. It's a simple introduction to the show, designed to help listeners know who it’s for and why it matters.