It is not only SMSFs that will be affected. They are Labor's target, but others are collateral damage, especially those in industry or retail funds who also have shares in their own name. The damage is profound when the total of assets (fund plus shares) exceeds the pension asset test limit. This results in NO Pension, NO franking credits and less income than the age pension, until the total of assets is very large. That's Labor's new retiree tax for you.
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$40.07 |
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