The new spokesman for the $865 billion self-managed superannuation sector says it’s not only Rich Listers that have $3 million balances.
The new spokesman for the $865 billion self-managed superannuation sector has warned that many Australians will be inadvertently pushed past the Albanese government’s new $3 million cap, as he sets out to prove DIY super is not just for the wealthy.
“As cost of living increases and balances grow over time, more people will get caught by this cap,” said Mr Burgess, the association’s former deputy CEO and technical expert and a former executive at wealth manager AMP.“If investment markets are doing really well, you could find yourself over the limit. That’s one of the issues with the threshold – some years you may be above or below it depending on the fund’s performance.
“Even if you are under the cap right now, who’s to say the cap won’t be reduced at some point in the future. We’ve seen this happen time and time again with contribution caps. Once they’re in place, they can be reduced.”
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