The Nationals are celebrating a parliamentary win for farmers who hold properties in self-managed super funds (SMSFs), with Labor delaying its SMSF tax policy until after the next election.
Member for Mallee Dr Anne Webster MP said The Federal Government’s plans would have hurt the farming community by taxing increases in family farm asset values if it was held in a SMSF worth more than $3 million.”
“Just last week, Labor refused to rule out forcing farmers to pay tax on the unrealised capital gains of a farm in a SMSF, even if farmers have a bad season with no income.”
Dr Webster said many families had set up SMSFs as their future retirement and savings, unaware Labor could come for their assets.
The Federal Government has also refused to say how many primary producers, small and family business owners would be impacted.
Image: https://pixabay.com/photos/accountant-accounting-adviser-1238598/
