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The government's proposed tax on superannuation balances exceeding $3 million could adversely impact up to 50,000 self-managed super fund members (SMSF), including posing liquidity challenges.
The Federal Government has released exposure draft legislation towards doubling the concessional tax rate for super balances exceeding $3 million.
Treasury's clampdown on tax concessions for superannuation balances greater than $3 million has been laid out in its draft legislation and is now opened for consultation.