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Ben Smythe

The super funds that will feel most pain from new $3m cap

Should SMSF members start considering whether there are better fund options to try to manage the extra tax?

Some would argue that the government’s recent announcement concerning the $3 million superannuation cap is a direct attack on self-managed superannuation funds.

Based on what is known at this stage in terms of the implementation of this cap, SMSFs will need to pay the additional tax if unrealised gains push a member’s total superannuation balance above $3 million, which is quite different to how pooled superannuation funds operate.

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Ben Smythe is a partner and principal adviser of Minchin Moore Private Wealth.

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    Original URL: https://www.afr.com/wealth/personal-finance/the-super-funds-that-will-feel-most-pain-from-new-3m-cap-20230308-p5cqk0