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Jim Chalmers' super tax nemesis Geoff Wilson pitches his own plan

The Wilson Asset Management chairman has been one of the most outspoken critics of Jim Chalmers' plan to tax unrealised capital gains. Now, he has his own proposal.

Jennifer Duke
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Treasurer Jim Chalmers has not budged on his plans to more heavily tax super balances over $3 million, including unrealised gains. AAP Image/Lukas Coch.

Veteran fund manager Geoff Wilson has urged Treasurer Jim Chalmers to consider an alternative progressive tax arrangement for high-value superannuation funds that excludes taxing unrealised capital gains.

The proposal forms the basis of a two-page submission from the Wilson Asset Management founder to the Treasurer’s Economic Reform Roundtable, lodged on Thursday morning.

A copy of the submission, provided to Capital Brief by Wilson, outlines a proposed plan dubbed the “Progressive Super Surcharge and Tax Offset”.

Wilson claims the plan would be budget positive, raising an estimated $2.4 billion in revenue. It is intended as a replacement for Division 296, which is the government’s current proposal to impose higher taxes on super balances of $3 million or more, including a tax on unrealised gains.