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Labor delays SMSF tax policy after backlash, with The Nationals vowing to protect farmers' assets and future

Farmers with self-managed super funds (SMSFs) won a win as Labor delayed its SMSF tax policy until after the election, following The Nationals' strong opposition to the proposal.

By news@gippsland - 26th November 2024 - Back to News

Farmers who hold properties in self-managed super funds (SMSFs) have had a win, with Labor delaying its shocking SMSF tax policy until after the next election. Leader of The Nationals David Littleproud said Labor had planned to 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.

Farmers with SMSFs won as Labor delayed its controversial tax policy, failing to clarify its impact on primary producers and small businesses

Nationals defend farmers

However, Labor's incompetent and ill thought-out policy was now unlikely to be dealt with in the final sitting week, after The Nationals campaigned against it. "A future Coalition Government will ensure this bad policy never sees the light of day. The Nationals will always stand up for our farmers and that includes their assets."

"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. 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. Throughout the process, Labor proved they have no understanding of the vagaries of farmers' cash loss that are impacted by not just weather but commodity prices," Mr Littleproud said.

Mr Littleproud said many families had previously set up SMSFs as their future retirement and savings, unaware Labor could come for their assets. Labor was also unable 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."

Pictures from Food & Fibre Gippsland Facebook page.

Source: http://gippsland.com/

Published by: news@gippsland.com

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• Darren Chester meets new BRHS CEO Peter Abraham to discuss future opportunities for East Gippsland Healthcare
  Darren Chester met new BRHS CEO Peter Abraham to discuss healthcare challenges, commend local innovations improving patient care, and strengthen collaboration to deliver high-quality, accessible health services across East Gippsland.
• West Gippsland Landcare awarded $337,250 to transform landscapes, protect species, and enhance community green spaces statewide
  West Gippsland Landcare volunteers received $337,250 from 2025 Victorian Landcare Grants to restore landscapes, protect endangered species, enhance waterways, plant 30,000 trees, and engage communities in conservation projects.
• Martin Cameron demands action as data reveals dangerous one-star safety ratings on Latrobe Valley roads
  Nationals MP Martin Cameron has condemned the poor safety of Latrobe Valley roads, after state data revealed many key routes rated one or two stars, demanding urgent government action.
• Melina Bath criticises politicised VEAC, failing land management, while $1.4M could fund bushfire prevention, environmental services
  Melina Bath warns Victorian hunters and anglers against reduced services as Labor pushes VFA-GMA merger, urging proper funding, training, and enforcement to protect compliance, sustainability, and regional outdoor traditions.
• Tim Bull says kangaroo overpopulation devastates farms, with permits insufficient to protect crops and livelihoods
  Gippsland farmers face severe crop damage from exploding kangaroo populations. MP Tim Bull urges urgent permit reforms to allow practical, case-by-case management, protecting livelihoods and ensuring ongoing food production.
• Life Saving Victoria launches multilingual campaign to protect older adults around water, heat and rip currents
  Life Saving Victoria has launched a multilingual campaign to help older adults, especially from multicultural communities, stay safe around water and during extreme heat across Victoria.
• Darren Chester urges more fuel reduction to protect Victorian communities from bushfires
  Darren Chester urged increased fuel reduction on Victorian public land, warning unmanaged forests worsen bushfires, and criticised the native timber industry shutdown while praising volunteers and community resilience.
• Darren Chester demands answers from council over delayed $5M Krauatungalung Walk boardwalk project delays
  Federal MP Darren Chester demands East Gippsland Shire Council explain delays to the $5 million Krauatungalung Walk, seeking clarity on timelines, budget and design for the community-backed all-abilities boardwalk project.
• Walhalla Church Hill Road landslip repaired, fully reopened following 2022 storm recovery works completion
  Repairs to the Church Hill Road landslip in Walhalla are complete, reopening the road with DRFA-funded realignment, drainage, safety barriers, and asphalt surfacing, ensuring safe travel for residents and tourists.
• Latrobe City Council seeks community feedback on the future of Moe Gardens Caravan Park as lease nears end
  Latrobe City Council is inviting community feedback on the future of Moe Gardens Caravan Park, with the current operator's lease expiring in May 2026 under Crown Land Leasing Policy requirements for open and impartial processes.
• Danny O’Brien said poor dental health is tied to cardiovascular disease, diabetes complications and mental health impacts
  Gippslanders now face almost two-year waits for public dental care, with Danny O’Brien blaming a decade of Labor for doubled delays, escalating health risks and under-resourced regional clinics.
• David Littleproud warns vegetable growers of crisis as compliance costs soar, confidence collapses and exits loom
  Nationals leader David Littleproud warns Australia's food security is at risk, with two in five growers considering leaving amid rising compliance costs, financial strain, and Labor policies undermining farming viability.
• One Gippsland urges stronger climate action and investment to build regional disaster resilience
  One Gippsland is calling for urgent government action, investment and policy reform to strengthen disaster resilience, improve planning, and protect coastal communities facing increasing climate-related risks and rising economic costs.
• East Gippsland Council endorses Coastal and Marine Management Plan to protect treasured coastline sustainably
  East Gippsland Shire Council has endorsed the Coastal and Marine Management Plan, providing a coordinated framework to protect and sustainably manage coastal reserves with community, Traditional Owner, and stakeholder input.
• Tim Bull slams government over firewood shortages, fuel loads and lack of practical solutions
  Gippsland East MP Tim Bull has slammed government policy for firewood shortages, warning rising bush fuel loads pose serious risks, calling for extended collection areas, longer seasons and practical fire management.