Super tax change could force funds to divest: Geoff Wilson
Wilson Asset Management Chairman and CIO Geoff Wilson has criticised the government’s proposal to tax unrealised gains.
“It is just so unfair to bring in a tax on unrealised capital gains,” Mr Wilson told Sky News Business Editor Ross Greenwood.
“What it will do is just discourage people, there’s close to a trillion dollars in self-managed super funds, why would you take a risk you know you’re better off having your money in the bank.
“Why would you take a risk when the value of your assets May over June 30 significantly increase, then you have to pay tax, and then the next month might significantly decline because high-risk plays have significant volatility.
Super tax change could force funds to divest: Geoff Wilson
“What we want is we want those superannuation dollars to be investing in Australia because then you pay tax in Australia, you employ Australians, that’s what we want to happen.”