"SMFS should be taxed on appreciated assets during the year ( property , shares etc. ), will have to pay CGT by June 30 each year."
Why stop there? Why not tax all assets on the appreciation even if they are not in a SMSF?
We would need to change the definition of income in the Income tax legislation, because you can not just discriminate against super funds.
This idea will never get up. It would not just affect SMSF but also all super funds (including industry super funds beloved of the ALP).
Imagine the accounting requirements needed to value assets in SMSF at 30 June, other than shares and bonds, where the assets are not liquid. Then the issue of what happens when asset values fall - do you then have a tax credit carryover into a subsequent year as we have under the CGT provisions.
The other thing they may want to consider is to tax our homes for living in them rather than paying out in rent. It is an idea that comes up every so often.
Come on Redhead, give us the election to send you back to sleep.
