US EditionNo Super Tax Farmer Carve-Out_ Renewable Profits Must Go Into Funds: Labor
- Labor will not exempt farmers from proposed changes to superannuation tax concessions, which include doubling taxes on balances over $3 million.
- The assessment of closing balances will start with land value on July 1, 2025, if the legislation passes.
- Approximately 3,000 farmers will be affected initially, with numbers expected to exceed 10,000 in a few years due to lack of indexation.
- Peter Burgess stated that income from renewables must be included in asset value when sold.
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The Canberra Times+9 Reposted by 9 other sources
No super tax farmer carve-out, renewable profits must go into funds: Labor
Labor's super reform faces pushback from farmers, affecting those with over $3 million in super. Learn about potential impacts and policy challenges.
·Canberra, Australia
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Total News Sources12
Leaning Left4Leaning Right1Center1Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 17%
R 17%
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