More than one in 10 self-managed super funds hit by Labor’s controversial plan to tax unrealised gains in $3 million-plus superannuation accounts do not have enough cash to pay the tax, a study shows, triggering warnings of forced asset sell-downs.

The government pushed ahead with its proposal to tax unrealised gains as part of its crackdown on the generous tax treatment of the superannuation sector in draft legislation released last week, prompting criticism from industry players that it had failed to take on board their feedback.