Gippsland › Latest news › Liberal Nationals

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