Part of the federal government's changes to rules around superannuation involves a new tax on 'unrealised gains', and it has farmers especially worried.
abc.net.au/news/farmers-caught-up-in-superannuation-changes/102087902It may be hard to feel sorry for someone who has more than $3 million stashed away but farmers say proposed changes to superannuation will seriously affect many hard-working families.
Under the federal government's proposed changes, however, farmers with more than $3m in their superannuation fund will have to pay capital gains tax if their property goes up in value.For some farmers, if they are cash poor, that could mean they may have to sell assets to pay the tax bill, but if the property value goes down the next year, they won't get a refund.Tony Maher is unimpressed by the federal agriculture minister's decision.
While the average punter might not have a lot of sympathy for farmers with a large amount in their self-managed fund, Mr Maher notes that can be explained by the high cost of land. That proposal includes a new tax on "unrealised gains", or the amount that the property increases in value in a financial year."The suggestion that you might be taxed on those 'unrealised gains' on the way through, before you sell them, is impossible," she said.
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