The Opposition said its policy had been costed by the independent Parliamentary Budget Office (PBO).
The ALP would not release the costing, but said the PBO found:
The policy would save $11.4 billion in 2020-21 and 2021-22
The plan would affect about 200,000 SMSFs
Some SMSFs received cash refunds of up to $2.5 million in 2014-15
Of credits refunded to SMSFs in 2014-15, half the benefits went to the top 10 per cent of funds (which all had balances exceeding $2.4 million)
Labor said charities and not-for-profit institutions, including universities, would be excluded from the change.
Labor Leader Bill Shorten will announce the policy today during a speech in Sydney, and will emphasise that those affected would not pay any additional tax.
The new system would start in July 2019.
