TWO of Australia’s peak organisations representing farmers have welcomed reports the Federal Government has hit pause and is considering changes on its proposed superannuation tax.
The National Farmers’ Federation and GrainGrowers said the move reflected growing recognition of the harm the proposal would cause to farmers and small business owners.
NFF President David Jochinke said taxing paper gains on family farms that are never sold is “extraordinary”.
“This isn’t a tax on the rich; it’s a tax on hardworking families who feed and clothe Australians every day,” Mr Jochinke said.
“Over 3500 farmers could be caught out from day one if this legislation is passed just because their land value has gone up on paper.”
Mr Jochinke urged the Government to work with industry to fix its major failings.
“We want to see a fair and equitable system – one that doesn’t punish farmers for land values beyond their control and doesn’t put the future of multigenerational businesses at risk,” he said.
GrainGrowers CEO Shona Gawel said reports the Federal Government is considering pausing and making changes to the ‘Super Tax’ are welcome.
“We have consistently argued that at its core, the principles behind these changes are flawed and this is the opportunity to ensure growers are not unfairly impacted,” Ms Gawel said.
