Recent superannuation laws passed in the House of Representatives have missed the mark for family farming businesses according to NSW Farmers’.
The Treasury Laws will place new taxes on unrealised gains in superannuation holdings, including farms, which could tax farmers for income they will never see, according to NSW Farmers Business Economics and Trade Committee chair John Lowe.
“This law is not going to affect the people with hundreds of millions of dollars in their superannuation accounts, but rather the hard-working Australians who own their businesses or farm assets in structures such as self-managed superannuation funds,” Mr Lowe said…