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.
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.
