The government’s controversial plan to tax unrealised gains in big superannuation accounts could “screw” farmers and small business owners by forcing them to sell off their retirement nest eggs, tax experts warn.

Hitting back at suggestions that only “fat cats” would be affected by the Albanese government’s decision to double the tax rate from 15 to 30 per cent for earnings in $3 million-plus super funds, they warned that “the small end of town” would suffer because of good faith decisions to put their farms and businesses premises in their super funds.