LIFE & STYLE
New CGT rules could leave Australians
valuing everyday collectibles
CPA Australia is warning that proposed changes to capital gains tax( CGT) could create unexpected costs and compliance headaches for millions of Australians, while placing additional pressure on accountants and tax advisers.
MONTHLY CHALLENGE
Under the proposed reforms, all CGT assets held on 30 June 2027 would require a market valuation to establish a starting point for the new tax rules. While the changes are aimed at high-income investors and property speculators,
TRY BUSH WALKING!
by Lorna Gordon
As the cooler months settle across Sydney, many people find themselves retreating indoors, swapping outdoor adventures for warm blankets and cosy afternoons. But winter may actually be the perfect time to challenge yourself and reconnect with nature by exploring some of the incredible bushwalking trails right on your doorstep.
Our local areas are full of beautiful walking tracks that make getting outdoors easy, affordable and rewarding.
Winter bushwalking comes with plenty of benefits. Cooler temperatures make longer walks more comfortable, particularly for people who struggle with the heat and humidity in summer. It’ s an excellent way to improve fitness, reconnect with nature after a week at work and is a great activity to do with your family or friends.
Beyond the physical benefits, spending time in nature has been shown to reduce stress and improve mental wellbeing. Walking through quiet bushland, listening to birdsong and getting away from daily life can help clear your mind and help you relax.
If you’ re looking for somewhere to start, the Bidjigal Reserve in The Hills has tracks through native bushland filled with local wildlife. In Blacktown, the trails around Nurragingy Reserve combine easy walking paths with beautiful gardens and open spaces perfect for families. Meanwhile, the Blue Gum Swamp Track in the Hawkesbury region offers a slightly more challenging walk for those wanting to push themselves a little further.
Setting yourself a winter challenge doesn’ t have to mean running marathons or joining a gym. Sometimes the best challenges are simple, just step outside and discover the beauty of your local area. This winter, challenge yourself to take the scenic route, you might be surprised at how much you enjoy it!
Enjoy the cooler temperatures by going bushwalking.
CPA Australia says they will affect many ordinary households.
CPA Australia Tax Lead Jenny Wong said the reforms extend far beyond investment properties and share portfolios.
“ Most Australians think this reform is about investment assets, but it actually goes much further,” Ms Wong said.
“ The valuation requirement applies to every CGT asset held on 30 June 2027, including everyday collectibles sitting in people’ s homes.”
Under current tax law, collectibles purchased for more than $ 500, such as artwork, jewellery, rare coins, firstedition books and vintage trading cards, are treated as CGT assets. Personal-use assets valued above $ 10,000 may also be captured.
The proposed changes would require these assets to have a defensible market valuation as at 30 June 2027.
“ A Pokémon card bought for $ 600, a vintage watch, a coin collection or a piece of jewellery purchased years ago could all be affected,” Ms Wong said.
“ These are assets many Australians already own, yet most people will have no idea they may need formal valuations.”
CPA Australia says uncertainty remains over exactly what will be classified as a collectible.
“ Is a Pokémon card collected as a hobby a CGT asset? What about a designer handbag or a watch that has increased in value?” Ms Wong said.
“ There is significant uncertainty, and taxpayers will turn to their accountants for answers that the law does not yet clearly provide.”
The organisation also warns that inherited assets could be caught by the changes.
“ Think about grandma’ s jewellery box
PODCASTS
2020
by Lorna Gordon
I know we have a lot of True Crime podcast fans, so I have been looking for some that might have slipped under your radar and came across the USA podcast, 2020. I’ m sure that you are not going to be disappointed by it.
2020 takes listeners deep inside some of the world’ s most fascinating criminal investigations, unsolved mysteries and high-profile court cases. The podcast is part of a TV show in the USA and brings award winning journalism in easy to listen to episodes fit for any True Crim fan to binge listen to.
What makes 2020 particularly good is its ability to take the facts and put them into a format that keeps you listening from beginning to
– items collected over decades and passed down through generations. Families may need formal valuations for each piece before July 2027,” Ms Wong said.
CPA Australia believes the reforms will trigger a surge in demand for tax advice, record-keeping and valuation services, creating additional workloads for an already stretched accounting profession.
“ We are likely to see a wave of Australians asking their accountants:‘ Do I need to value this? What is it worth? How do I prove it?’,” Ms Wong said.
Without clearer guidance, she warns the changes could lead to delays, higher compliance costs and greater professional risk if valuations are later challenged by the Australian Taxation Office.
Formal valuations can cost hundreds of dollars per item, meaning households with collections of jewellery, artwork, watches or coins could face thousands of dollars in upfront expenses.
CPA Australia estimates the one-off transitional valuation burden could cost Australians between $ 675 million and $ 825 million.
The organisation has also raised concerns about the proposed split-gain mechanism, warning it could result in some taxpayers being taxed on more than their actual economic gain.
CPA Australia is calling on the Federal Government to clarify the scope of the reforms and simplify the rules before they are introduced.
“ The Treasurer has said this reform targets property speculators and highincome investors, but in reality it places new obligations on every Australian holding CGT assets,” Ms Wong said.
“ Without clearer guidance and simplification, the compliance burden on both taxpayers and the profession risks being significant and unfair.”
This True Crime Podcast will have you on the edge of your seat.
end. Episodes often explore shocking crimes, betrayals, disappearances and twists that investigators uncover while searching for answers.
Recent episodes include Love. Honor. Betray., which follows the investigation into the murder of an Army Sergeant’ s husband, Blood and Water: Face to Face, which revisits a case nearly two decades in the making, and The Barefoot Witness, a story about a fatal workplace romance where an unexpected witness helps detectives piece together the truth.
It’ s a fairly new podcast, only starting in March of this year, but it already has quite a lot of episodes to listen to. I expect it will soon be a fan favourite, if you haven’ t already listened, get your headphones on and settle in for a treat.
14 ISSUE 133 // JULY 2026 theindependentmagazine. com. au THE HILLS INDEPENDENT