So for all you hard core investors out there, with superannuation funds, overflowing with unrealised profits, have you taken note of this approaching situation!
Tell me it is not true??????
'Leading financial commentators have labelled Labor’s controversial plan to impose hefty taxes on unrealised capital gains as a “wealth tax” and outlined the potential dangers if the government applied the move to a range of commonplace assets.
The Albanese government’s polarising plan to slap a 30 per cent tax rate on super funds above $3 million looms, with Labor and the Greens expected to join forces in the Senate to pass the legislation after the Prime Minister’s resounding election victory.
However, the policy has faced relentless backlash from industry magnates who have slammed Labor for overturning decades of convention by charging taxes on gains before they are realised and for refusing to index the policy.
Prominent financial commentator Dimitri Burshtein labelled the policy a “wealth tax” and told Sky News host Chris Kenny that despite Labor claiming the proposal would only impact a slim portion of the population, the non-indexation of the policy meant that more people over time would fall victim to the tax.'
https://www.skynews.com.au/business/financial-commentators-lash-labor-for-targeting-unrealised-capital-gains-in-super-warn-of-potential-extensions-to-other-assets/news-story/05ef5fc57f5c5f8e75ff405023693591
https://www.zerohedge.com/markets/australias-unrealized-gains-tax-will-be-lesson-economic-suicide
'I’ve spent yearswarning about the economic dangers of policies that attempt to tax wealth before it’s realized, and now, like a slow-motion train wreck, we’re about to witness exactly why those warnings matter.
Australia’s newmove to tax unrealized capital gains is one of the most reckless policy decisions I’ve ever seen — and keep in mind, I had front row seats to an “Inflation Reduction Act” that added more than $1 trillion in spending.
Taxing unrealized gains is equal parts outright f*ckingmathematically insane and cut-and-dry authoritarian.And while I’m appalled by the policy itself, there’s a perverse part of me that’s almost glad it’s happening in Australia first—because the disastrous results will be on full display for the world to see.
Starting in July 2025, the Albanese government is set to debut its latest economic masterstroke: taxing imaginary money. That’s right—if you’ve got more than $3 million sitting in your superannuation, not only will you get slapped with a 30% tax, but it doesn’t even matter if you actually made any money.'
(20min delay)