FARMERS nationally are being asked to join a campaign to stop the Federal Government’s proposed super tax as concerns are raised about its likely impact on farm succession.

To join the National Farmers Federation-driven industry campaign opposing a tax on unrealised gains in superannuation, click here.

And Grain Producers Australia is hosting a webinar on Thursday to inform its members and others about potential implications of the Federal Government’s proposed tax on superannuation earnings.

The Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 is better known as the ‘super tax’ and if approved, will impose an additional 15 percent tax on the earnings of superannuation balances above $3 million.

According to the Superannuation Fund Association, there are around 17,000 super accounts holding farmland, and of those, 3500 have land valued at more than the $3-million threshold.

The National Farmers Federation fears if land values climb, tens of thousands more are next.

NSW Farmers today issued a fresh warning to the Federal Government on its proposed super tax claiming it could shut young farmers out of the agricultural industry.

Burringbar farmer Craig Huf said the Federal Treasurer’s proposed changes to superannuation laws could make it impossible for his family cattle farm to be passed down to the next generation.

“Many hardworking Aussie farming families like my own have their farm assets in structures such as self-managed superannuation funds, which could soon have huge taxes slapped on them if these new laws come into effect,” Mr Huf said.

“These changes will tax our families on money we haven’t earnt, because we’ve supposedly made money on assets we haven’t sold.

“The Albanese Government’s failure to recognise a common business structure in these laws could well mean farms are ripped off families, leaving the next generation with no land to produce the food and fibre that we need for the globe.”

Mr Huf said any changes to tax laws must not unfairly impact family farms or other small, family-owned businesses, with farm bodies firmly opposed to the proposal to tax unrealised gains in superannuation holdings.

“Farmers just want to keep farming, and the next generation just wants a fair go at producing food and fibre for the world,” Mr Huf said.

“Sensible amendments to the proposed superannuation changes are what we need if we want to set Aussies up for a better future, beyond this cost-of-living crisis.

“Slapping family farmers with another tax is not building a future made in Australia.”

The GPA webinar entitled Super tax impacts on Aussie farming families will be led by GPA chair and Western Australian grain producer Barry Large.

It will also hear from RSM partner and superannuation specialist Katie Timms, and Seer Financial Group founding partner and accountant John Thomson.

The webinar is free of charge to GPA members and others, and will kick off at 7pm eastern standard time on June 26.