As the new Parliament sits for the first time, farmers across Australia are calling for urgent action to stop the proposed superannuation tax changes that could severely impact family farm succession.
At the heart of the issue is a proposal to tax unrealised gains in superannuation funds with large balances. For many farmers, the family farm is held in a self-managed super fund as part of a long-term succession plan. The new tax would mean paying significant tax bills on rising land values, even when the property hasn’t been sold, according to NFF.
This poses a real risk for the next generation of farmers. Younger family members inheriting the farm could be forced to sell part of the land or take on large debts simply to cover a tax on paper profits. With thousands of farming families potentially affected, concerns are mounting about the future viability of passing farms from one generation to the next.
The pushback isn’t just about numbers. It’s about protecting decades of hard work, preserving regional communities, and ensuring that farming remains a family tradition in Australia.
Farmers are urging senators to stand up for rural families and amend or reject the super tax legislation before it’s too late.
