Federal Member for Capricornia, Michelle Landry, has welcomed a major win for local farmers after Labor was forced to backflip on its reckless plan to tax unrealised gains on farms held in self-managed super funds (SMSFs).
Ms Landry said the retreat was an embarrassing back down for the Albanese Government after The Nationals and farming communities across Australia united in outrage over the proposed changes.
“Labor’s plan to punish Australia’s hardest workers and attack their unrealised gains in superannuation was shocking from the start and never should have happened,” Ms Landry said.
There are 1,714 farmers in Capricornia, many of whom have set up SMSFs as part of their retirement and family succession planning.
“These families were facing the terrifying prospect of being taxed every single year on paper valuations, not real income,” Ms Landry said.
“Labor couldn’t even say how many primary producers, small businesses or family farms would have been hit. In what world does a government think it’s fair to tax money that doesn’t even exist?”
Ms Landry said the plan proved Labor had no understanding of the realities of farming, where income can fluctuate drastically due to weather, markets, and natural disasters.
“This cruel tax would have forced many farmers to sell their land rather than pass it on to the next generation. We’re relieved Labor finally listened, but this should never have seen the light of day,” she said.
Ms Landry called on Labor to apologise to farmers for the unnecessary stress and uncertainty the proposal caused.
“Our farmers feed and clothe the nation. They deserve support — not more tax grabs. The Nationals will always stand up for our farming families and protect the assets they’ve worked so hard to build.”
-Ends-
