Some big fish will be caught in the CGT net, but many minnows will escape. Amongst those that are caught, they will simply move their assets out of Super to avoid the tax, which defeats not only the purpose of introducing the tax, but the rationale of saving for retirement. As former Treasurer Paul Keating has said, "this is bad policy", and it is a stupid tax. Nevertheless, even though I am opposed to it, on principle, I am enough of a pragmatist to realise that some reform to the tax system is necessary, but this initiative hasn't been well thought through, and will not achieve its objectives.
CBA Price at posting:
$173.88 Sentiment: Buy Disclosure: Held
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