In this weeks announcement, Federal Treasurer Jim Chalmers confirmed that the revised plan will no longer include taxing paper profits and will now be indexed. Superannuation balances between $3 million and $10 million will be taxed at 30%, and those over $10 million at 40% - but crucially, only on realised earnings.
It’s a change that’s being hailed across the agricultural sector as a “monumental win for farmers and common sense.”
“Farmers can now plan for the future with confidence, knowing their hard work and succession plans are safe from this unfair tax.”
The NFF, together with other industry groups, has campaigned against the proposal for nearly two years, warning that it was fundamentally flawed and out of touch with how rural businesses actually operate.
NSW Farmers President Xavier Martin echoed that sentiment, saying the decision shows that reason has prevailed.
“Farmers plan long-term - in decades, not financial years,” he said. “This rethink gives them the confidence to keep building sustainable, multigenerational businesses without the fear of being taxed on assets they haven’t sold.”
For many, the message is clear: when policy meets practicality, rural Australia wins.
As Xavier Martin summed it up... “The Government wanted to tax money people hadn’t earned, on assets they hadn’t sold. It’s good to see they’ve finally seen sense. This is a win for fairness, for farmers, and for the future of Australian agriculture.”
Image Source: The Farm Magazine
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