The state's peak farm body has issued a fresh warning to the Federal Government on its proposed super tax that could shut young farmers out of the agricultural industry.
Burringbar farmer Craig Huf said the Federal Treasurer's proposed changes to superannuation laws could make it impossible for his family cattle farm to be passed down to the next generation.
"Many hardworking Aussie farming families like my own have their farm assets in structures such as self-managed superannuation funds, which could soon have huge taxes slapped on them if these new laws come into effect," Mr Huf said.
"These changes will tax our families on money we haven't earnt, because we've supposedly made money on assets we haven't sold.
"The Albanese Government's failure to recognise a common business structure in these laws could well mean farms are ripped off families, leaving the next generation with no land to produce the food and fibre that we need for the globe."
Any changes to tax laws must not unfairly impact family farms or other small, family-owned businesses, Mr Huf said, with farm bodies firmly opposed to the proposal to tax unrealised gains in superannuation holdings.
"Farmers just want to keep farming, and the next generation just wants a fair go at producing food and fibre for the world," Mr Huf said.
"Sensible amendments to the proposed superannuation changes are what we need if we want to set Aussies up for a better future, beyond this cost-of-living crisis.
"Slapping family farmers with another tax is not building a future made in Australia."
