David Littleproud is allowed to ask a question now and he asks:
Can the Assistant Treasurer clarify how Labor’s super tax on unreal capital gains would operate for a farmer who has their farm held in a self-managed superannuation fund when they’ve had a failed season with no income?
Oooh, oohh – I know this one! If they have had a failed season with no income, then they probably wouldn’t have to pay because there wouldn’t be earnings above the $3m, because the super fund would have had no earnings!
And if there were, then why is the farm in the self managed super fund? Is it just a tax dodge? Because that is not what superannuation is meant to be for.
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