New proposed superannuation laws have been designed to pull Australia’s trillion dollar debt back into line, but some worry that there could be unintended consequences for family farms.
The change – if made law – will see those with over $3 million in superannuation have the earnings on their superannuation taxed by a further 15 per cent, to 30 per cent.
The Australian government said that the change will impact less than 0.5 per cent of Australians, for which the average superannuation balance is $6 million.
But it’s the potential inclusion of rural land in the mix that has agriculture section worried…