Comments attributable to NFF President, Hamish McIntyre:
The National Farmers' Federation is disappointed the Federal Government has introduced its tax reform legislation without explicitly committing to review the outdated small business Capital Gains Tax (CGT) concession thresholds.
In introducing the legislation, the Government signalled that this is the first tranche of legislation, with more consultation to come on small business and further legislation required for implementation. Earlier this week, the Treasurer acknowledged that CGT small business concessions had been raised by stakeholders.
The NFF stands ready to engage, and will continue to advocate on behalf of farming families about their very real concerns on how these changes could impact succession and investment.
The Government still has time to get this right, but the message from agriculture is clear: The last thing this country should be doing is making it harder for the next generation to stay on the land.
