The federal government may impose a tax on the ‘top 11 per cent of self-managed superannuation funds (SMSFs)’ in order to raise $1.8 billion in revenue, according to one industry analyst.
Financial services analyst David Chin, managing director of BasisPoint Consulting, says the 56,500 SMSFs with the largest assets are at risk of a tax hike.
“$17.8 billion in taxable income from these 56,500 SMSFs could be earned if an 8 per cent investment return is achieved this year,” said a statement issued by BasisPoint Consulting.
“Imposing an additional 10 per cent income tax (on top of the existing 15 per cent for SMSFs) would equate to $1.78 billion in new tax revenues for the government.”
“The potential tax revenue would be tempting to a government that has already hinted of tax changes in the SMSF sector.”
Appearing before a parliamentary committee hearing, the corporate regulator confirmed just two charges have been laid ...
Clients should be asked about their environmental, social and governance (ESG) values to ensure products are in their ...
The licensee lost 99 advisers in the third quarter of FY24, with the majority attributed to Godfrey Pembroke’s exit
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin