Ann: September quarter update, page-18

So the way I would look at it is to take a fund which Gen allows you to buy within their structure, and compare it to the returns you would of got, holding it outside of Gen.

I'm using sharesight here to estimate this, as conveniently they allow you to track your Gen parcels too. As for the fund i'm showing, it is Vanguard balanced (VDBA). Lastly of note is that Gen is presented on a policyholder basis, that is, after tax and admin fees are applied on their end, so we need to do an asjustment to VDBA to replicate this at various marginal tax rates.

Here is the original data assuming you invested $100k into each fund when it was listed on the Gen platform (21/11/18):



So lets just assume that you didn't make any sales and you got taxed at the same marginal rate each year.

So the adjustments are as follows, which would give you a comparison like the following. Hopefully you can see my concerns with the Liberal Governments Income tax plan crippling the value proposition here.