Labor’s double-whammy hit on unrealised capital gains. The Albanese Labor Government is bringing parliament back to Canberra 80 days after the 3 May election and high on the agenda are Treasurer Chalmers’ plan for taxing retirement savings.…
“The. ugly twist. here is that for the first time, and without precedent anywhere in the world, Labor wants to tax ‘unrealised capital gains’.…
This brings me to the globally unprecedented new tax on unrealised capital gains within Labor’s new superannuation legislation.…
angry at Labor’s cunningly named ‘Emergency Services Volunteer Fund’ Levy, $8,000 fines if they don’t open their farm gate for TCV to force the VNI-West transmission line through their farm, $6000 for removing a TCV sign on their farm fence, and taxes on unrealised…
“Labor’s globally unprecedented proposal to tax unrealised capital gains in superannuation is very sinister – 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…
“Firstly, Labor’s concerted movement to grab money from farms is attacking. unrealised capital gains, that is, paper profits. Labor is targeting hypothetical profits – money a farmer does not yet have in their hands.…
“Just last week, Labor refused to rule out forcing farmers to pay tax on the unrealised capital gains of a farm in a SMSF, even if farmers have a bad season with no income.…
“Taxation in farming was built on income averaging that recognises changes in year to year income, but Labor’s proposed changes don’t account for this and potentially farmers will suffer with tax on paper-based unrealised gains.”.…
Our food producers, productive small businesses and manufacturers are under attack from the Albanese and Allan Labor governments taxing unrealised gains in asset values, battling skyrocketing energy prices, tied up in green and red tape, and railroaded for…
“Labor has already broken promises on taxes – raising taxes on franking credits, on Australian companies, on retirement savings, on non-government schools, and an unprecedented tax on unrealised capital gains, while they also let the Low and Middle Income Earner…
