Agricultural
14 October, 2025
Government scraps super tax plans
News the federal government will overhaul its proposed superannuation tax has come as a win for farming families in NSW.
On Monday, October 13, federal treasurer Jim Chalmers announced his plans to introduce a new super tax would no longer include a tax on unrealised gains. The proposed tax would now also be indexed, with superannuation balances between $3 and $10 million to be taxed at 30 per cent, while balances over $10 million would be taxed at 40 per cent.
NSW Farmers’ president Xavier Martin said it was good to see the lobbying efforts of the state’s peak farm body had finally paid off after years spent advocating against the treasurer’s original draft tax.
“The government wanted to tax money people hadn’t earnt, because they’ve supposedly made money on assets they hadn’t sold – and it’s good to see they’ve finally seen sense on this super tax,” Mr Martin said.
“Thousands of Aussie farming families have their businesses or farm assets in self-managed superannuation funds, and this tax would have crippled them if it had gone ahead unchanged.
“Farmers now have a shot at a brighter future, where they can continue to feed the world and use superannuation structures to support succession planning, without senseless taxes to cripple them.
“It’s a good day to be a farmer, and we’d like to thank our treasurer and those on all sides of parliament who drove these changes on the nation’s behalf. They’ve done the right thing by the people who feed and clothe our wonderful country.”
