A Nationals Government will scrap Labor’s tax changes to protect northern NSW businesses, farmers, and families from a broken promises Budget.
Nationals Leader Matt Canavan said a future Nationals Government would immediately stop all of Labor’s bad taxes, including changes made to the capital gains tax, as well as negative gearing and discretionary trusts.
“Labor’s broken promises Budget betrays the trust of Australians and will see regional Australians pay more,” Senator Canavan said.
“Returns for Australian farmers are skewed towards capital gain, not income, and so any increase in the taxation of capital gains is going to hit Australian farmers the hardest.
“According to industry, less than 50 per cent of Australian farmers now fall below the current thresholds, meaning they will now be subject to one of the highest farming asset taxes in the world.”
Under Labor’s changes, up to 47 per cent tax on gains will apply for businesses. Labor will also charge a 30 per cent minimum tax on discretionary trusts, while a 50 per cent capital gains tax discount will be replaced with CPI indexation.
Nationals Member for Page, Kevin Hogan, added Labor’s Budget will spend another $18.2 billion on net zero, which means Labor’s net zero spending now equals at least $80 billion.
Mr Hogan said The Nationals would dump net zero and stop Labor’s addiction to mass migration, which is also adding to inflationary pressures.
“There is no greater risk to Australia’s food security than Labor’s tax grab, with family farmers potentially facing effective tax rates well above what they are today when farms are sold, or restructured,” Mr Hogan said.
“This would destroy returns to Australian farming and throw away all of the hard work many Australians have put into their farms over decades.”
Tatham farmer Chris Magner said the uncertainty around capital gains tax changes is forcing farmers to consider expensive valuations without any certainty about what it will mean for them.
Lismore business owner Elton Cummings added it is also creating confusion.
“If the rules are changing, how do you plan for the future?” Mr Cummings said.
A future Coalition government will restore our living standards with key pledges including:
- Tax Back Guarantee: ending Labor’s inflation tax by indexing income tax thresholds to inflation.
- Migration and Housing Pledge: capping migration based on how many homes Australia builds.
- Putting Australians First: reserving welfare payments and the NDIS for Australian citizens.
- Future Generations Fund: banking resource windfalls to pay down debt and build national infrastructure.
- Fuel Security Plan: delivering more fuel, more storage and more security for Australia.
- Boosting Small Business Investment: allowing small businesses to immediately write-off assets costing up to $50,000.
- Strengthening Australia’s Security: committing to a whole-of-nation National Security Strategy and at least 3% of GDP on defence.
