Labor’s Super Tax Push Risks Driving Australians out of Self-Managed Funds: Former Senator

People First Party leader Gerard Rennick said the proposed super tax could result in higher compliance costs for self-managed super funds.

A stock photo of a money box with an Australian one hundred dollar note printed on it in Sydney, Australia on Dec. 21, 2024. AAP Image/Bianca De Marchi

Former senator and accountant, Gerard Rennick, says the Labor government’s proposed superannuation tax will impose a heavier compliance burden on self-managed super funds.

This in turn, will discourage people from handling their own retirement funds, and to instead, rely on major industry super funds instead.