Farmer inspects a dead Barley crop on his farm in Parkes, Australia, on Oct. 25, 2006. Ian Waldie/Getty Images
Thousands of families could be hit hard by Labor’s proposed superannuation tax, with industry leaders warning it risks pushing producers out of the land they rely on, and the retirement savings they have planned for.
The National Farmers’ Federation (NFF) has urged the Senate to reject the bill, saying the proposed tax on unrealised capital gains would unfairly penalise people for increases in land value they have not profited from.
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