"PBO does NOT assume zero reaction at all."
Where do they say that?
"CGT liability is (more than likely) extinguished (0%) when moving from accum to pension modes in an SMSF. Not so in APRA funds."
You were talking about CGT in an ongoing accumulation fund before so not my fault if you change the point but this is a tiny part of the issue anyway since the main avoidance interest (and hypothetical tax revenue source) will be by SMSFs paying pensions.
