Tax on $3 million super fund balances to ‘cut off lifeblood’ of local business, Geoff Wilson warns

on big superannuation accounts will “cut off the lifeblood of Australia” by discouraging investment in local firms, funds management veteran Geoff Wilson says.

“Even equities are in that category, so you don’t get money in Australian companies, particularly small ones, and even equities will miss out. At the same time, however, new research from the Association of Superannuation Funds of Australia of the bill that taxing unrealised gains would force capital selldowns such as making farmers sell their land.

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