Farm leaders have urged the federal government to consider the unique circumstances of family farming businesses in changes to superannuation laws that passed the House of Representatives this week. 

NSW Farmers Business Economics and Trade Committee chair John Lowe says the changes to the Treasury Laws were set to impose new taxes on unrealised gains in superannuation holdings, including family farms – meaning farmers could be taxed for income they will never see.                                                                                                                                                                   

As several accounting bodies and financial associations also raised their concerns around the bill, Mr Lowe says it was critical that any changes made to tax laws did not place unfair financial pressure on family farms among other small, family-owned businesses. 

He says Aussie families and young Aussie farmers all deserve to be able to run their own businesses without crippling bureaucracy and taxes, and there’s no doubt we need our family farms to stay if we want to have our own, homegrown food and fibre.