From www.smsfadviser.com: Peter Burgess, CEO of the SMSF Association, stated that reports of panic selling among SMSFs due to the proposed $3 million super tax are not surprising.

Many high-income earners are restructuring their investments to avoid potential tax on unrealized gains, causing concern about the government’s projected tax revenue.

Burgess criticised the government for not adequately consulting the industry about this tax policy and warned of its negative impact on superannuation’s perception and economic growth.