Member for Mallee Dr Anne Webster has warned Mallee residents that Treasurer Jim Chalmers yesterday confirmed Labor will press on with his asset tax grab to fund Labor election priorities, with farmers in the firing line.
“Their policy is, if your superannuation asset, such as shares, a farm or rental property, rise in value, you will be taxed on that value increase, each year” Dr Webster said.
“To be clear, if you hold a certain dollar value of shares or rental property or a farm inside superannuation, and they go up in value in one year, Labor will tax that ‘unrealised capital gain’. You will be taxed before the asset is sold, even though you haven’t sold it and made a profit, even if it never it is sold!”
The Parliamentary Budget Office projects that the Albanese Government stands to reap a rapidly increasing yield from taxpayers through its asset tax grab, from an initial $300 million in the first year to $7 billion per annum within 10 years.
Image: https://pixabay.com/photos/income-tax-calculator-accounting-4097292/
