you're interpreting this correctly... it is simply the most idiotic proposed tax change i've seen or heard of in 23 years of my public accounting career..
it's insane.... imagine a single member smsf fund that bought a commercial property for their business to operate from 10 years ago... say for $2m... Then it gets revalued at $10m... and the fund has little other assets, other than the rent it derives... let's say a 5% rental yield... They will have to sell the property to cover the tax on the unrealised gains... hell, they'd even have to sell if it was a 2 member smsf...
supposedly this is minor and will affect less than 1% of super members... Except i can tell you right now the other 99% will sh!t themselves and put nowhere near the amount of money into super going forward... who will trust the govt and super anymore?? so much for planning for funding people's retirement...
IMU Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
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