Treasurer Jim Chalmers has been accused of trying to detonate a political landmine after flagging a plan to repeal a “widow’s tax” on investment properties — two months after concerns were first raised. Labor’s Budget sought to grandfather negative gearing and the 50 per cent capital gains tax discount for investment properties exchanged before May 12. The four Treasury exposure draft papers address changes to capital gains taxes, how the CGT is applied, negative gearing on existing properties and negative gearing arrangements for new properties. Labor’s fifth Budget since coming to power in 2022 included changes to negative gearing and the CGT that Prime Minister Anthony Albanese had ruled out ahead of the 2022 and 2025 elections. Negative gearing for properties exchanged after Budget night would be restricted to brand new dwellings from July next year.