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.”
