Federal Member for Kennedy Bob Katter has lashed out at Labor’s proposed superannuation tax, warning it will “rip the guts out of middle Australia” and devastate the farming and small business sectors.
The policy, which proposes taxing unrealised capital gains in superannuation accounts, has drawn heavy criticism from financial and agricultural groups who say it targets everyday Australians rather than the wealthy elite.
“Unrealised capital gains” refer to increases in an asset’s value that haven’t yet been sold. Mr Katter said it was ludicrous to tax “theoretical, paper money,” particularly for rural landholders.
“This policy will have a catastrophic effect on anyone that has a farm, house or similar asset held by a super fund,” Mr Katter said. “If the market value increases, you will get a huge tax bill… you will have to sell the asset to pay this crushing tax bill.”
He warned that farmers and landowners would be hit hard.
“Land appreciation doesn't mean you're rich in cash,” he said. “It means your rates go up, your insurance goes up, and now… your tax goes up too.”
Mr Katter said the policy unfairly punishes those investing in Australia’s future.
“This isn’t going to hurt the big corporates… this is going to break the back of middle Australia.”
Calling for the policy to be scrapped, he said it would worsen the decline in farming numbers and force more people off the land.
“If the government really wanted to do something helpful, it should legislate to require a large portion of super investment in Australian manufacturing, infrastructure, agriculture, mining and other economy-generating projects.”
Federal Member for Kennedy Bob Katter delivers a fiery spray over Labor’s proposed super tax, warning it will cripple farmers and rural investors. Photo supplied
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