Labor’s plan for a new tax on superannuation accounts with high balances has attracted loud criticism for upending the fundamentals of the tax system.
Everyone, from venture capitalists to farmers, have identified flaws that, at the very least, reveal what might be unintended consequences of a tax that targets both unrealised gains and is not indexed, meaning it has all the weaknesses of the bracket creep-plagued income tax system.
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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
Andrew Hobbs covers self-managed superannuation funds, financial planning, retirement and inheritance. He has been a financial journalist for more than 25 years, working previously at Bloomberg and Australian Associated Press.
