Anyone wondering why the Albanese Government is seeking to hit retirees with big super balances should only look at the spectacular growth of self-managed super funds. Industry super funds are OK for general advice to their members, but those super members with bigger balances often want advice from a professional advisor. The combined dollar cost of an SMSF plus the advisor fees compares well to say an industry super fund. Tim Steele, CEO of Class, roughly calculates that the Albanese Government super tax is set to drag about $3 billion out of the SMSF sector. This a much bigger figure than the Government’s $2.3 billion number that it said they expect to get from the super tax.