This is close to my heart since I’m one of the people affected as I turned 60 last year and all my serious investments are in DIY Super. My time in the sun didn’t last very long, given a government desperate for revenue.
I’m yet to digest the fine details but people with DIY super will certainly be in a better position to control the gains than people in retail super. For my part, as a “tax-aware” investment manager operating within a separately managed account mainly for self managed super funds, it will probably provide an opportunity to attract new business. It will certainly present a new challenge to investing tax efficiently.
The risk with this sort of taxation is it will encourage more people to “spend” their super earlier, and increase the reliance on government part pensions. So it’s somewhat self-defeating over the long term.
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John Aldersley is the CIO of AldersleyCapital, a “tax-aware” investment manager of separately managed accounts within the Phillip Managed Accounts. He can be contacted by email to john.aldersley@aldersleycapital.com or by visiting www.aldersleycapital.com. |
