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Clime Investment Management Chairman John Abernethy says he doesn’t believe the government’s tax increase to super balances over $3 million will happen.
“Because it’s too complicated,” he told Englishheadline Business Editor Ross Greenwood.
“You’ve got a pension going up to $1.9 million in assets – so that’s the tax-free pension.
“Above that, you go into a 15 per cent accumulation, and above $3 million, you go into a 30 per cent tax bracket, all taxed on income.
“So how’s that going to be worked out? This is going to be a tax nightmare.”
