Panic selling of SMSF assets 'unnecessary'

SMSF Alliance principal David Busoli said panic selling of SMSF assets over concerns around the Albanese government's proposed 30% tax on superannuation assets over $3 million is "totally unnecessary" and urged people to "look at the facts".

- Eliza Bavin

Busoli said assuming the policy is passed into law and commences on July 1, the cap would only be on a per member basis and the additional 15% tax would only be applicable to earnings attributable to balances in excess of $3 million.

"There will be individuals who will achieve a better tax outcome by reducing their super balance to $3 million but they don't need to do it in haste. And there are many who will be best served by making no change at all," Busoli said.