THE Albanese Government is bringing Parliament back to Canberra 80 days after the May 3 election and high on the agenda is Treasurer Jim Chalmers’ plan for taxing retirement savings.
I have a question about taxes on retirement savings in Mallee’s Biggest Survey 2025 edition and you should have got a survey in your letterbox.
You can also go to my website www.annewebster.com.au to share your views on over 30 questions about issues that matter to you.
As I head back to Canberra, I want to know your views and as always you can email me at anne.webster.mp@aph.gov.au if you want to further outline your opinions. Survey responses received before July 18 are in the running to win a new 11-inch 128GB (A16) Apple iPad.
The government is imposing a globally unprecedented and sinister attack on retirement savings targeting unrealised capital gains – taxing the growth of your asset value (such as the family farm) when you haven’t yet sold or realised the gain.
This insidious tax will hit small business owners, farming families and self-managed superannuation funds the hardest.
Farmers have contacted me furious that while they battle a difficult year on the land in Mallee, federal and state Labor are hitting them with a double whammy.
The Albanese Government want to tax unrealised farm value increases at a federal level, while the Victorian Government pursues a 130 per cent plus increase in the emergency services tax.
Both tax grabs harvest revenue for government purely on unrealised asset value increases.
Federal Labor also want to double the current 15 per cent tax on superannuation balances over $3 million – or, if the Greens have their way, $2 million.
Labor do not plan to index their $3 million threshold, meaning a 20-year-old on the average wage over their lifetime will pay higher taxes under this scheme, capturing up to 2 million Australians by the time they retire.
I assure you that I, with my colleagues in The Nationals, are very focussed on federal parliament’s return to block Labor’s constant attempts to raid regions and your hard-earned retirement savings.
