The National Farmers’ Federation (NFF) is again urging Senate cross benchers to consider the impact of proposed taxation changes for superannuation on thousands of family farms across Australia.
The NFF is calling on Parliament to make critical amendments to the Federal Government’s proposed tax changes on superannuation, emphasising the detrimental impact these changes will have on thousands of family farms across the country.
NFF Acting CEO Charlie Thomas highlighted the unique financial structure of many family farms, where older farmers often hold their farm in a self-managed super fund (SMSF) and lease it to their children, providing retirement income while giving the next generation an opportunity to start farming.
The NFF’s concerns have been echoed in the recent Senate inquiry with evidence from the SMSF Association estimating over 17,000 accounts in 2021/22 held farming land and of these, more than 3,500 would impacted by the new tax, with debate in the Lower House showing these issues need to be addressed.
