A growing coalition of financial experts and rural advocates is sounding the alarm about the Federal Government’s proposed ‘Super Tax’, which could place heavy financial burdens on small business owners and farmers in rural New South Wales. This tax, part of the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, targets ‘unrealised gains’ on assets held in Self-Managed Super Funds (SMSFs).
A group of influential financial bodies, including CPA Australia, Chartered Accountants Australia and New Zealand, and the Financial Services Council, has voiced strong opposition to the proposed tax. They warn that taxing unrealised gains could create severe financial stress for individuals and businesses. Research from the University of Adelaide suggests that if this tax had been in place in recent years, many would have struggled to meet their new tax obligations.
The proposed tax could force farmers and small business owners to sell important assets to pay the tax, leading to significant financial difficulties. This is particularly concerning for those who use SMSFs to manage their retirement savings and business succession.
For farmers in rural NSW, the new tax could disrupt crucial succession plans. Many older farmers use SMSFs to manage their assets and lease their operations to their children. The new tax could force them to sell vital assets or raise lease rates, making it hard for the next generation to keep the farm running. This could threaten the future of family-run farms and small businesses in the region.
David Jochinke, President of the National Farmers’ Federation (NFF), has expressed deep concern about the tax’s impact. “The proposed tax on unrealised gains could place a huge financial burden on farmers and small business owners, making it harder for them to manage their assets and plan for the future.”
The Council of Small Business of Australia (COSBOA) and several crossbenchers have also criticized the proposed tax. COSBOA CEO Luke Achterstraat is urging the Government to make changes to the Bill. “We need the Government to listen to the concerns of farmers and small business owners. This tax could create serious financial problems for many, and we need to find a solution that won’t hurt family-run businesses.”
The proposed Super Tax has raised significant concerns about its potential effects on rural communities. With many small businesses and farms already struggling, this new tax could add unnecessary pressure. Industry leaders are calling on the Government to review and adjust the Bill to prevent harm to these vital sectors.
Rural NSW farmers and small business owners are encouraged to stay informed and voice their concerns. By working together, they can help ensure that any new tax laws support, rather than burden, the hardworking individuals who are essential to the region’s economy.
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