As a ex tax accountant you should already know that any Superfunds with balances over the $1.6 million cap that the excess funds need to be moved back into the accumulation stage and are then taxed 15% on earnings on those funds in the accumulation stage.
Its far better that funds are invested through Super rather than business people holding the money in cash under the bed. Those that keep money in cash have most likely paid no GST on the cash earnt in the first place.
Trying to take more money from the rich usually ends up in more being secreted in other forms of tax avoidance.
Those who earn 6 figure franking credits also put this money back into the system by buying expensive cars and other assets whereby paying excessive amounts in luxury car tax, GST and stamp duties.
