Tuesday 26 November 2024

The Nationals are celebrating a parliamentary win for farmers who hold properties in self-managed super funds (SMSFs), with Labor delaying its shocking SMSF tax policy until after the next election.

Member for Mallee Dr Anne Webster MP said Labor’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.

“A future Coalition Government will ensure this bad policy never sees the light of day,” Dr Webster said.

“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.

“Time and again Labor acts like feudal lords, treating farmers like peasants who don’t really own their assets. They entice corporate raiders to take slices of the farm for transmission lines, energy or mining projects, or they eye off the farm nest egg farmers have set aside for tough seasons.

“Labor demonstrates their lack of comprehension about farming and callous disregard for our farmers.  Labor have proved they have no understanding of the vagaries of farmers’ cash loss that are impacted by not just weather but commodity prices.  Treasurer Chalmers thought it would be okay to tax them for on-paper gains during a cost-of-living crisis.

Dr Webster said many families had set up SMSFs as their future retirement and savings, unaware Labor could come for their assets.

Labor also refused to say how many primary producers, small and family business owners would be impacted.

“Labor broke an election promise but is now backing down due to fierce backlash.

“The Nationals will continue to fight for our farmers and their future.”

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