New property keeps the loss-offset tax shield; established loses it from Budget night. The gap appears in cash flow every year of the hold.

Division 40 plant & equipment deductions only apply to new properties. Established stock gets Division 43 capital works only — about half the first-year shield. Deductions also reduce the CGT cost base at sale.

New property picks the cheaper of 50% discount and indexation. Established loses the discount post-2027 and is taxed via indexation only, with accumulated rental losses reducing the gain. Depreciation claimed during ownership reduces the cost base for both.

Victoria assesses off-the-plan investor duty on land value at contract — typically 30–40% of the finished property value. The state's largest single concession to OTP buyers.

Established's lower CGT at sale isn't a real saving — its rental losses had no in-year value because NG is quarantined. New property uses those losses every year as a tax shield, so the only fair comparison is total tax across the whole hold. Negative numbers mean the investor banked more in NG refunds than CGT takes back at sale.