Financial advisers are urging a quick resolution to the parliamentary stalemate over a plan to lift the tax rate on the earnings of super balances above $3 million to 30 per cent, given the proposed start date is less than a year away and for some clients a long lead time may be required.
BDO adviser Chris Balalovski says if the bill is not passed by the end of this year, it increases the risk of those with large super balances having to make hasty decisions and offload illiquid assets in “fire sales”.
Michelle BowesWealth reporterMichelle 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
