Superannuation share sell-off?
PA Wellington There could be a rush by lump sum superannuation schemes to sell off share and property investments before the present tax year ends on March 31 to avoid the capital gains tax provisions that appear to exist in the Budget, the chairman of the Association of Superannuation Funds (Mr R. T. Cooper) said last night. “I shudder to think what this would do to share prices." he said. Mr Cooper said it was not clear from the Budget what the precise implications of the changes would be. and his association was keenly waiting to see the final working of the regulations. This
was being drafted by . the Government Actuary. Nir K. Prisk. “Mr Prisk has a very tough task," Mr Cooper said. “We don’t know when the draft will be completed: it could take time to get through the necessary Government channels." Mr Cooper said it appeared that the superannuation fund would be considered to have made a capital gain if it sold an asset for more than the purchase price. “If this is the case, lump sum schemes will be rushing to sell to take their accrued capital gains before March 31. This would affect shares, property — even Government stock."
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Press, 11 August 1982, Page 37
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206Superannuation share sell-off? Press, 11 August 1982, Page 37
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