Thanks for raising this issue (coincidentally my SMSF currently has 1 million IMU so I hope to have this hypothetical problem one day ).
Not sure I'm interpreting what you say correctly: are you saying that the tax would apply to unrealised capital gains? If so, I don't believe this is the case - you would be assessed tax on realised gain, and that would be subject to the discount applied to investments held for more than 12 months as is the case with the current system (one third discount - e.g. capital gain is now taxed at 10%, so with a 30% rate it would be taxed at 20%. Also, assets currently used to pay pensions are not subject to CGT if sold, and there's no indication that this would change in the "30%" scenario.
One thing is clear - it is time to start planning for equalising accounts - e.g. if one has 4 million in accounts and and spouse has 1 million it's time to try to equalise the accounts so they are both less than 3 million. And/or move money to kids super accounts if possible.
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