SMSF industry reeling over ‘lazy and disappointing’ home borrowing ban
The government will ban self-managed super funds from borrowing to buy homes after striking a deal with the Greens. The SMSF industry says it wasn’t consulted.
The nation’s most prominent self-managed superannuation fund association says it was not consulted by the Labor government before it struck a deal with the Greens banning SMSFs from borrowing to buy homes.
Treasurer Jim Chalmers and Prime Minister Anthony Albanese on Tuesday morning said they would stop self-managed super funds from purchasing residential investment properties with loans as part of a deal to secure the Greens’ support for changes to capital gains tax and negative gearing.
The decision has left the SMSF sector reeling.
SMSF Association chief executive Peter Burgess told Capital Brief he had not been contacted by the government in the lead up to Tuesday morning’s announcement.
“There was no consultation on this and that’s a disappointing aspect,” Burgess said.
