Wealthy self-managed superanuation fund members will face an average tax bill of $49,925 under the government’s plan to increase the tax on earnings of balances above $3 million to 30 per cent.
That means a couple whose balances both exceed $3 million could be hit with a tax bill of close to $100,000, new data from SMSF administration platform Class has revealed.
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Michelle Bowes writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
