Labor changes helping to ‘end super’s reign’ as top wealth builder

Financial advisers claim they are being swamped by pessimistic investors increasingly fearful about the government’s proposed tax increase on superannuation balances over $3 million, rising costs and falling returns.

New figures show about 50,000 members of self-managed super funds will be affected by the proposal, which will double the tax on amounts over $3 million to 30 per cent.