LABOR COMING AFTER YOUR MONEY

Family farms are being unduly targeted by poor Labor policy to pay for its expensive agenda, Riverina MP Michael McCormack says.

Mr McCormack said the Assistant Treasurer failed to answer several questions on Labor’s new super tax during this week’s Question Time, which only raised expectation family farms would be slugged with unfair taxes.

“With Labor’s badly thought-out superannuation tax plan, it has managed to not only undermine the super system for future generations, but it has also cast an ominous shadow over the agriculture industry,” Mr McCormack said.

“Riverina and Central West farmers have been telling me it is a major concern for them.

“Farmers with self-managed super funds already have to deal with the volatile nature of land value being tied to natural events, such as droughts, fires or floods, which might see their property dramatically drop in value – will primary producers be eligible for a refund of the tax paid when they have been caught in Labor’s net?

“It just raises too many questions; there’s too many holes in Labor’s terrible attempt at policy which either brings to light inherent incompetence when unintended consequences are exposed, or it is deliberately misleading many people, particularly in regional Australia, who will we be affected by yet another cash grab from this money-hungry Government.

“This is always the way Labor operates – when it runs out of money, it comes after yours.”

Mr McCormack said Labor’s claim its super policy would affect only 80,000 people was wrong.

“The Finance Minister admitted one in 10 Australians will be affected by Labor’s changes to super,” Mr McCormack said.

“This is yet another broken promise by Labor – as I have always said – do not listen to what Labor says, pay closer attention to what it actually does.”

According to the Grattan Institute, about one in 10 workers will begin to retire within 30 years with super balances of around $3 million, which means younger workers will be adversely affected by Labor’s reckless policy plan.

Independent analysis has shown a 25-year-old retiring in 40 years, will see the tax on their super double at the equivalent of just over $1 million today.