Latest News

• Add My News • Search Old News

Gippsland › Latest news › Liberal Nationals

Labor refuses to rule out tax on unrealised capital gains for farmers' SMSF-held properties

Labor has not ruled out taxing unrealised capital gains on farmers' properties held in SMSFs, even in seasons with no income. Nationals' leader David Littleproud criticizes the proposal as harmful to farmers.

By Portal Admin - 18th November 2024 - Back to News

Labor has refused to rule out forcing farmers to pay tax on the unrealised capital gains of their farm, if the property is held in a self-managed super fund (SMSF). In a startling revelation in Parliament House today, Labor has also refused to rule out forcing farmers to pay the tax even if they have a failed season with no income.

Minister Collins and the Albanese government misunderstand farmers' cash flow, aiming to tax on-paper gains deceitfully when funds run low

Labor hurts farmers

Leader of The Nationals David Littleproud said Agriculture Minister Julie Collins had shown callous disregard to farmers, after being asked about the cyclical nature of cash flows of farming and how it would impact farms held in a SMSF.

Minister Collins did not rule out bad seasons, instead stating SMSFs are required to have liquid assets to meet tax requirements and "individuals can choose how they pay their tax Mr Speaker, either out of their superannuation account or from their own pocket".

Mr Littleproud said Labor's new tax would hurt Australian farmers during a cost-of-living crisis and take money away from regional, rural and remote Australia. He said any increases in asset value to a family farm or business held in a SMSF with a diverse portfolio worth more than $3 million, meeting liquidity requirements, would be taxed at the 30 per cent threshold rate every financial year.

Labor targets super

Mr Littleproud said, "Minister Collins demonstrated today that she and the Albanese government have no understanding of the vagaries of farmers' cash loss that are impacted by not just weather but commodity prices. But Labor now wants to tax them year after year - simply by using an on-paper gain. It is deceitful and it goes to show, when Labor runs out of money, they always come after yours."

Mr Littleproud said many families had previously set up SMSFs as their future retirement and savings, unaware Labor could come for their assets. Labor is also unable to say how many primary producers, small and family business owners will be impacted.

"Labor is misleading regional, rural and remote Australia, breaking its promise that it wouldn't touch superannuation before the election. Not only are they now coming for your superannuation, they are coming for the increased value of assets in a SMSF," said Mr Lettleproud.

Pictures from David Littleproud MP Facebook page.

Source: http://gippsland.com/

Published by: support@gippsland.com

• Labor Backpacker Visa changes leave farmers facing worker shortages and application burden
  The National Farmers’ Federation will lodge fast-track backpacker applications amid Working Holiday Maker cuts, as Coalition MPs criticise Labor’s changes and warn farmers face uncertainty securing seasonal workers during peak periods.
• The Nationals slam Labor's secret public transport tax funding costly suburban rail loop as regional Victorians bear the burden
  The Nationals accuse Victoria's Labor government of secretly taxing public transport users $8 billion to fund the Suburban Rail Loop, while regional communities receive disproportionately less infrastructure funding.
• The Nationals Leader questions Labor’s environment rules, asking whether cows grazing could trigger land clearing laws for farmers
  Nationals Leader Matt Canavan is demanding clarity on Labor’s environment rules, questioning whether cattle grazing could trigger land clearing regulations and create legal uncertainty for farmers.
• Labor announces four new regional early learning centres for 2029, expanding access to kindergarten and long daycare places
  Labor will open four new Early Learning Victoria centres in Alexandra, Drouin, Hamilton and Seymour from 2029, providing more than 400 childcare and kindergarten places across regional Victoria.
• Labor government boosts Latrobe Valley businesses with funding to strengthen supply chains, expand markets and support future growth
  The Carroll Labor government is funding six Latrobe Valley businesses to upgrade equipment, software and skills, strengthen supply chains and expand markets.
• Labor government invests $750,000 to support young Gippslanders into education, training and employment opportunities
  The Victorian Labor government is investing $750,000 in Ladder Step Up Latrobe Valley, supporting 120 young people facing barriers to education, training and employment through 2028.
• Melina Bath condemned Labor over soaring vehicle thefts, with Victoria recording nearly twice New South Wales' victims
  Melina Bath has condemned Labor over soaring vehicle thefts, citing Victoria's high theft rate and major increases across eastern Victoria, while calling for more police, stronger bail laws and tougher sentencing.
• Labor government criticised over regional childcare shortages, workforce gaps and red tape following parliamentary inquiry findings
  A Victorian parliamentary inquiry found regional childcare providers face severe workforce shortages, vacant places, growing waitlists and excessive red tape, with Melina Bath calling for stronger accountability and practical solutions.
• Labor invests $120,000 to modernise Traralgon Library with new study pods and improved community spaces
  Harriet Shing joined Latrobe City Mayor Cr Gibson and councillors to announce a $120,000 library upgrade, jointly funded by government and council
• Dental experts warn Labor plan could worsen lengthy public dental waits for vulnerable Gippslanders across regional Victoria
  Dental experts warn Labor's proposed public dental expansion could worsen Gippsland wait times, with vulnerable residents already facing waits exceeding two years in some areas.
• Melina Bath accuses Labor of failing to curb illicit tobacco crime and escalating violence across regional Victoria
  The Nationals have criticised Labor over ongoing illicit tobacco crime, citing alleged abductions, violence, intimidation and suspected illegal stores, while questioning Victoria’s tobacco licensing scheme effectiveness.
• Darren Chester says Labor's national firearms buyback unfairly targets law-abiding regional firearm owners instead of addressing crime and security
  Nationals representatives Gemma Rendell, Darren Chester and Bridget McKenzie joined East Gippsland firearm owners in Bairnsdale, opposing Labor's buyback and further restrictions while supporting lawful firearm use in regional communities.
• Melina Bath calls on Labor to protect locally raised foreshore funds and community priorities across Eastern Victoria
  Nationals MP Melina Bath has urged Labor to guarantee $500,000 raised by San Remo residents remains dedicated to local foreshore projects following committee merger concerns.
• The Nationals blame Labor government after 84 more jobs cut at Maryvale paper mill in Latrobe Valley
  Nationals MP Martin Cameron blamed the Victorian Labor government after Opal announced 84 job cuts at Maryvale, arguing forestry policy and timber supply failures caused ongoing workforce losses.
• Melina Bath seeks Labor explanation on Gippsland children face specialist dental service cuts, longer waits and costly travel for treatment
  Melina Bath says Gippsland children face longer waits after regional pediatric dental services were cut, forcing families to travel to Melbourne for specialist treatment.
• Coalition urges Labor to block foreign-backed Cobungra Station sale and protect productive farmland from carbon projects
  The Coalition has urged Treasurer Jim Chalmers and FIRB to reject the proposed foreign-backed purchase of Cobungra Station, warning productive farmland should remain dedicated to food production, not carbon projects.
• Melina Bath accused Labor of ignoring bird flu advice and delaying vaccinations for Victoria's vulnerable little penguin colonies
  The Victorian government is accused of ignoring expert advice to proactively vaccinate little penguins against H5N1, delaying action until after infection was detected, potentially leaving colonies vulnerable.
• Darren Chester slams Victorian Labor over five-year delay in critical Mallacoota-Genoa Road upgrade despite federal funding
  Darren Chester has slammed Victoria's Labor Government over the stalled Mallacoota-Genoa Road upgrade, despite $10m federal funding committed in 2021, saying Gippsland communities have waited five years for promised safety improvements.
• Darren Chester demands urgent Labor investment to fix dangerous Princes Highway and Gippsland arterial roads
  Darren Chester urged Labor governments to urgently fund Gippsland roads, citing dangerous conditions, poor maintenance and reduced investment while highlighting previous Coalition funding for highway and arterial road upgrades.
• Danny O'Brien says bushfire inquiry exposes Labor neglect, leaving CFA volunteers under-resourced for escalating firefighting challenges
  Danny O'Brien says a parliamentary bushfire inquiry confirms CFA volunteers face declining numbers, ageing equipment and inadequate support, urging Labor to implement recommendations before the next fire season.
• Liberal Nationals introduce bill to repeal Labor's firearms laws and abolish national gun buyback scheme
  Federal Member for Maranoa David Littleproud has introduced a Bill, seconded by Andrew Wilcox, to repeal Labor’s firearms laws, restore previous Commonwealth regulations and abolish the stalled National Gun Buyback Scheme.
• Farmers across East Gippsland and Wellington are invited to shape regional agricultural priorities, advocacy, support and investment
  Farmers across East Gippsland and Wellington are being asked to complete a survey helping three agencies update agricultural priorities, identify emerging challenges and strengthen regional advocacy, support and investment.
• Darren Chester says growers and industry groups are concerned Labor's visa processing pause is creating uncertainty for farmers
  Australian farmers warn delayed visa processing for seasonal and skilled workers could worsen labour shortages, disrupt harvests, reduce food production and push fresh produce prices higher for Australian families.
• Gippsland families face rising cost pressures as Nationals criticise Labor government over interest rates, spending and inflation
  The Nationals say rising interest rates are increasing pressure on Gippsland families, criticising Labor’s spending and inflation while outlining plans for budget discipline, tax cuts and productivity.
• Seven Gippsland farmers markets to explore for fresh produce, local treats and delicious weekend breakfasts
  Gippsland’s seven farmers markets offer fresh local produce, seafood, baked treats, artisan goods and coffee, making weekend mornings delicious opportunities to meet growers and discover regional flavours.
• Parliamentary inquiry reveals CFA resource shortfalls after years of Labor neglect, leaving Gippsland communities increasingly vulnerable
  A Parliamentary inquiry has highlighted declining CFA volunteer numbers, ageing firefighting vehicles, workforce shortages and poor fuel management, prompting Nationals' Danny O'Brien to demand urgent action to protect Gippsland communities.
• East Gippsland coastal management plan gains ministerial approval after extensive community consultation and collaboration across region
  East Gippsland's Coastal and Marine Management Plan has received Ministerial Approval, recognising three years of community consultation and providing a shire-wide framework for sustainably managing coastal and marine environments.
• The Nationals call for urgent public housing repairs as 147 Gippsland South properties remain vacant amid growing housing crisis
  The Nationals MP Danny O'Brien is calling for urgent repairs to 147 vacant public housing properties across Gippsland South, saying homes should be occupied amid the region's housing crisis.
• Regional ambulance response times deteriorate across Eastern Victoria under Labor, Melina Bath demands answers from Carroll government
  Melina Bath has criticised deteriorating ambulance response times across eastern Victoria, saying every local government area is worse than 12 years ago and calling on Labor to restore timely emergency care.
• East Gippsland and Wellington farmers' 'Looking Ahead Farmer Survey' extended until 9 October 2026
  Farmers across East Gippsland and Wellington have until October 9 to complete the Looking Ahead Farmer Survey 2026, helping shape agricultural priorities, advocacy and future government support across the region.
• Matt Canavan slams Farrell's EU trade deal as farmers face unfair competition and restricted market access
  Matt Canavan criticised Labor's EU free trade deal, accusing it of disadvantageous to Australian farmers through quotas, tariffs, subsidies and inadequate market access, while urging renegotiation.
• Visa delays threaten regional harvest workforce as farmers and tourism employers demand urgent federal government action before summer
  Farmers, tourism operators and regional employers warn visa delays could cause critical workforce shortages during summer harvest and tourism periods, urging the Federal government to restore timely visa processing.
• Moondarra Reservoir gains new pathway and native garden beds, enhancing recreation, accessibility and Aboriginal cultural connections
  Gippsland Water has completed a new pathway and native garden beds at Moondarra Reservoir, improving visitor access, enhancing recreation and incorporating local flora, Aboriginal cultural information and community collaboration.
• Latrobe City ratepayers to receive 2026/27 notices as council outlines $90.4M works program
  Latrobe City ratepayers will receive 2026/27 rates notices from late August, helping fund $90.4 million in capital works, essential services and community assets across the municipality.
• Maffra student Jaxon Marshall champions resilient agriculture during National Youth Parliament visit to Canberra
  Maffra student Jaxon Marshall represented Gippsland at National Youth Parliament, delivering a passionate speech advocating resilient agriculture, regenerative farming, research and stronger support for farmers and Australia’s future.
• The Nationals warn visa delays threaten harvest workforce, food supply and regional farmers already facing mounting pressures
  The Nationals warn visa delays are threatening critical harvest and agricultural workforces, urging Labor to provide certainty, faster approvals and migration settings supporting farmers, regional communities and food supply.
• The Nationals and farm groups warn EPBC changes create uncertainty for farmers and land management
  Nationals leader Matt Canavan met with farm groups over concerns Labor’s EPBC changes could create uncertainty and regulatory risks. Industry wants amendments, clearer guidance, mapping, support tools and independent review.
• Nationals demand stronger policing as rising Latrobe Valley crime fuels growing community safety concerns and frustration
  The Nationals say rising Latrobe Valley crime and fewer police officers demand urgent Labor government action, calling for stronger policing, tougher laws and better resources to restore community safety.
• Liberals and Nationals to audit Latrobe Valley coal overlays to unlock land for housing and industrial development
  The Liberals and Nationals will audit Latrobe Valley coal overlays to identify outdated restrictions, potentially unlocking land for housing and industrial development while retaining protections where mine safety and ground stability remain at risk.
• Bass Coast Shire Council asks residents to keep FOGO bins cardboard-free following updated recycling guidelines from April 2026
  Bass Coast Council asks residents to keep cardboard out of FOGO bins from April 2026, ensuring high-quality compost, reducing contamination, and supporting efficient recycling and local environmental sustainability.