The 48th Parliament has commenced in Canberra but the show has been stolen by leaked Treasury advice that the Albanese Government needs to raise taxes, bringing Labor’s superannuation tax into the spotlight, Member for Mallee Dr Anne Webster said yesterday.
“The Nationals are not taking a backward step in fighting Labor’s retirement savings tax grab – we defeated it in the 47th Parliament, and we will fight to defeat it again,” Dr Webster said.
The plan, which would see an additional 15 per cent on money in self-managed superannuation funds with balances over $3 million, was halted due to a dynamic Senate blocking it in the last parliamentary term, but it could pass with the support of the Greens alone.
The National Farmers Federation reports the Superannuation Fund Association estimates there are around 17,000 super accounts holding farmland and of those 3,500 have land valued over the $3 million threshold.
Dr Webster said her recent Mallee’s Biggest Survey results continue to come in and while final results are some weeks away, the clear indication is a vast majority of Mallee residents are worried about Labor’s plans to tax retirement savings, and feel both personal income and business taxes are already too high.
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