Labor’s proposed tax on unrealised gains in higher superannuation balances will stop dead a major source of funding for the technology sector, hitting start-up businesses and chilling investment more broadly, venture capitalists say.
Leigh Jasper, the chairman of LaunchVic, a venture capital fund started by Victoria’s Labor government, said the proposed tax would discourage people from investing their super in start-ups because they would be taxed on potential profits, which would take a long time to actually materialise.
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Andrew Hobbs covers self-managed superannuation funds (SMSFs), financial planning, retirement, inheritance, tax, personal finance and, sometimes, the Perth Bears. He has been a financial journalist for 30 years, previously at Bloomberg and AAP.
Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
