Self-managed superannuation funds (SMSFs) are a common tool in Australian agriculture to manage assets and use agricultural land to provide retirement income. Given the highly cyclical nature of Australian agriculture, the impact of the proposed changes will have an outsized impact on farmers who have agricultural assets within their SMSF. While exact figures are unavailable, anecdotal evidence suggests that this could exceed 30 per cent of Australian farm businesses. The NFF has several additional and strong concerns regarding the Government’s proposed changes to superannuation taxation.
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