Capital gains tax is the tax paid when you sell an asset — such as a property or shares — for more than you paid for it. The Federal Budget handed down on 12 May will change how this tax works: from 1 July 2027, the existing 50% discount will be replaced with an inflation-based model, and a minimum 30% tax will apply to all gains.

The Government's stated goals are intergenerational fairness and improved access to housing. What the reform means for founders, start-ups and early-stage businesses is yet to be determined — the Government has committed to further consultation on their treatment. Ms Boele wants to know what Bradfield thinks.