Labor’s ill-conceived attack on farmers with properties in self-managed super funds (SMSFs) has been stalled, as the Albanese Labor Government delays its shocking SMSF tax policy until after the next election.
Federal Member for Groom, Garth Hamilton said the Labor government was cooking up yet another plan that would hurt the farming community, by taxing any increases in the family farm’s asset value, if it was held in a SMSF worth more than $3 million.
“A future Liberal National Coalition Government will ensure this bad policy never ever gets across the line, we’re here to protect regional communities.
“We’ve stood against Labor’s ute tax, farmer tax and now we’re standing against their asset tax.
“The Coalition will always stand up for our farmers, their families, their economic security and our regional communities.
“Labor and its allies have 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, this is a lingering threat we will remember at the next election.
“Labor has shown callous disregard for our farmers and thought it would be okay to tax them for on-paper gains during a cost-of-living crisis,” Mr Hamilton said.
Farming families have previously set up SMSFs as their future retirement and savings, unaware Labor could come for their assets. Another sneaky tax grab by Anthony Albanese and Labor.
