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Peter Burgess

$3m super tax cap will hit farmers’ finances

Agricultural landowners are often asset rich and cash poor – which is why they will be gravely disadvantaged by the proposed $3 million cap on super balances.

Peter BurgessContributor

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Just do the sums. At March 31, 2023, Australian Taxation Office figures show self-managed super funds holding $88 billion in commercial property, representing slightly less than 10 per cent of total SMSF assets of $890 billion.

A sizeable percentage of this $88 billion figure are work premises of small businesses and professionals such as veterinary surgeons, GPs and pharmacists. Farms, too, are well represented.

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Peter Burgess is CEO of the SMSF Association.

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    Original URL: https://www.afr.com/wealth/personal-finance/3m-super-tax-cap-will-hit-farmers-finances-20230609-p5dfgc