Financial advisers claim they are being swamped by pessimistic investors increasingly fearful about the government’s proposed tax increase on superannuation balances over $3 million, rising costs and falling returns.
New figures show about 50,000 members of self-managed super funds will be affected by the proposal, which will double the tax on amounts over $3 million to 30 per cent.
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Duncan Hughes was a reporter at The Australian Financial Review
