Taxpayers are spending $200 million per year on concessions for Australia’s 100 largest self-managed super funds.
Taxpayers are spending $200 million per year on concessions for Australia’s 100 largest self-managed super funds, with new data showing the 32 biggest accounts each have more than $100 million assets, including one mega-SMSF with $401 million.
The second largest SMSF in 2020 had $371.4 million in assets while the third-biggest retirement savings account was worth $273.2 million.Collectively, the 100 largest SMSFs in the country held $9.7 billion in assets as at June 2020. The figure represented a modest increase on 2019, defying the sharp downturn in asset prices at the onset of the pandemic.
“These ultra-high SMSFs show how the system is being used as a tax-planning vehicle and ultimately a taxpayer-funded inheritance scheme. The simplest and fairest way to stop this would be to cap the amount you can have in the system,” he said.
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