Super Tax top of farmer’s priorities for new parliament

As the new Federal Parliament sits for the first time this week, the National Farmers’ Federation is urging Senators to reject the proposed Super Tax.

The NFF and its members have strongly opposed to the Super Tax since it was introduced in the last Parliament, given the threat it poses to the 17,000 family farms held in self-managed superannuation funds.

NFF President David Jochinke, who is in Canberra during the sitting fortnight, said the Bill had numerous flaws, but taxing unrealised gains was the worst.

“It’s fundamentally unfair to tax hardworking families for paper gains on assets they haven’t sold,” Mr Jochinke said.

The NFF is also warning against any move to lower the tax threshold from $3 million to $2 million to secure Greens support.

“This would be an even more devastating outcome for Australia’s farming families than the original Super Tax parameters.

“Thousands more farms will be in jeopardy if the threshold is lowered to $2 million.

“We are against the current Bill, and in particular its taxing of unrealised gains, but to aim for an even lower threshold in order to ram the Bill through the Senate is just reckless.”

Mr Jochinke said holding family property in superannuation was a legitimate way for farm succession planning.

While the imminent Super Tax remains the top concern this sitting fortnight, the NFF is also engaging with parliamentarians on other key policy areas including environmental reforms, trade stability, climate policy, and food security strategy.

“As the 48th Parliament begins its work from tomorrow, we look forward to working with all parties and crossbenchers to engage constructively with the agriculture sector to deliver meaningful outcomes,” Mr Jochinke said.

“From fair and sensible tax reform to productivity-enhancing policies, there is a real opportunity to partner with agriculture to support the wider economy’s growth.

“These priorities align with the NFF’s 2030 Roadmap, which charts a path for Australian agriculture to become a $100 billion industry by 2030.”