Super Tax Impact Explained

This is a bit of a societal and structural reform, uh bordering line on what I would call socialism. We know it's 15% tax rate on income, positive income that the super fund generates. And if you held an asset for longer than 12 months, the tax rate is 10%. I can guarantee there's been a lot of people over the last decade who have bought and sold within super, uh making quite a bit of money. Yes, they're only paying 10% tax, but there is all the auxiliary taxes and services off the back of it. Real estate agents are making money, conveyancers are making money, handyman, uh you know, going in there and fixing the properties, property managers, you know, accountants, uh property consultants, insurance companies. There's a hell of a lot of money that's generated off the back of the transactional in nature that people were were utilizing inside self-managed super, especially around the property space. Mhm. And we've always said, you tax something more or you get rid of things, have a lot of government intervention and red tape, you generally get less of it. Um so, this is definitely not a a tax reform. This is a bit of a societal and structural reform, uh bordering line on what I would call socialism. This is really now government saying we're trying to take away your ability to make and generate extra revenue for your retirement because it's been a very strong 10 years and a lot of healthy super fund balances have been generated off the back of property and it's a very crucial tool for a lot of people's retirement.