Super tax

An opinion column in neighbouring independent publication, Walcha Telecottage, had some interesting points on superannuation: “Those of you with self-managed super funds should be concerned with the government’s plan to revive its increased taxes on superannuation balances more than three million dollars,” the column said. “The government would like to put a 30 per cent tax on superannuation balances worth more than three million, including capital gains on assets that haven’t been sold or liquidated. This may not affect a lot of people, but it will affect farms which are held in self-managed super funds where parents and children are the shareholders for succession planning purposes. The average age of a farmer is in their late sixties, and the government is trying to make it more difficult to get families back on the land. Yes, the properties hold significant value, but it’s never realised unless its sold. So those of you who already pay the existing 10 per cent discounted capital gains tax when the asset is sold, could now also have to pay an extra 15 per cent tax on the annual value of unrealised capital gains on assets inside a super fund. “Hold no one back, leave no one behind” was Mr Albanese’s pledge – well that’s clearly a lie.”