Hi, Lots of misleading b/s in the Gottliebsen puff piece. The bit about industry funds is aimed at half wits who aren't capable of thinking past their right wing prejudices. For a start , how many people with balances over 3 million have it in an industry fund ?
Anybody who has worked in the area , knows perfectly well that the sophistication of the industry funds back room is at least the equal of non-industry funds anyway. Not as easy to tease out the details from big funds as a self managed fund for obvious reasons. But not that hard though, think about members in growth and pension phase for a start.
This doesn't have the same potential electoral disasters lurking as the ill thought out franking credits mess. This doesn't go deeply into the demographics as franking credits . Even if your very optimistic 1 million to 3 million over 10 years were to occur , numbers still piddly.
However , despite the hysteria inherent in the article , this change is awful. It wont bring in much money , it adds complexity to the system , and taxing unrealised gains is unfair. For me , if you have more than 3 million , the excess should fall out of the super system back into your personal assets[ in truth I would set that RBL a tad lower, and get rid of the 15c tax in large pension accounts as well]. I would rather see a continuation of the present system , plus taxation of withdrawals , with rebates for taxation already paid.
