Super changes ‘raise farmer fears’

FARMERS were right to be concerned with the fallout from the Federal Government’s superannuation reform, said Mallee MP Anne Webster.

She said the Government’s decision to levy a tax of 30 per cent on earnings from Superannuation funds with balances more than $3 million from 2025, could have significant ramifications for farmers.

“Taxation in farming was built on in- come averaging that recognises changes in year to year income, but Labor’s proposed changes don’t account for this and potentially farmers will suffer with tax on paper-based unrealised gains,” she said.

Assistant Treasurer Stephen Jones in Parliament last week said the Government would need to further consult with the farming sector.

“Labor broke their election promise to make no changes to Super, now they are conducting policy on the run,” Dr Webster said. “Why wasn’t this consultation done before the Government decided to interfere with people’s livelihoods?”

Dr Webster said the Coalition committed to ensuring that today’s employees were able to manage their super and realise the benefits of doing so over time.

“This is not a Government honeypot, it is money that belongs to people who invest in their future retirement,” she said.

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