“Dangerous slippery slope” of new tax on SMSF-held farms

March 10, 2023

Labor has conceded its superannuation changes will hit family farms and business assets held inself-managed super funds (SMSF) if they exceed new thresholds.

Leader of The Nationals David Littleproud said family farms and businesses using SMSFs had beencaught up in Labor’s deceitful superannuation tax grab.

Mr Littleproud said it was another broken promise.

“This is the start of a dangerous slippery slope into more broken promises and higher taxes,” MrLittleproud said.

“It is deceitful and just goes to show, when Labor runs out of money, they always come afteryours.

“It begs the question – what comes next?”

Questioning in Parliament revealed that paper value increases to family farms and business assetsin a SMSF could soon be taxed at double the rate. Assistant Treasurer Stephen Jones admitted tothe changes, adding, “we wouldn’t be doing it otherwise”.

Mr Littleproud said many families had previously set up SMSFs as their future retirement andsavings, unaware Labor could come for their assets with more taxes.

Labor is also unable to say how many primary producers, small and family business owners will beimpacted in its Treasury modelling.

“Labor now wants to tax hard working families year after year, on paper gains caused by nothingmore than volatile commercial property markets.

“Labor is misleading regional, rural and remote Australia, breaking its promise before the electionthat it wouldn’t touch superannuation.

“Not only is Labor now coming for your super, Labor is also coming for the increased value ofassets in a SMSF.

“This is without warning, without telling voters and without SMSF holders being aware.

“Sadly, voters will now have to wait and see what else Labor has in store, on its slippery slope oftax trickery and lies.”