David Littleproud (Maranoa, National Party, Shadow Minister for Agriculture) Share this | Link to this | Hansard source

My question is to the Minister for Agriculture, Fisheries and Forestry. Given the cyclical nature of the cashflows of farming, can the minister explain, under the Albanese Labor government's changes to superannuation concessions: will a farmer who has their farm held in a self-managed superannuation fund have to pay tax on unrealised capital gains on that farm, and will that tax be payable when they have had a failed season with no income?

Milton Dick (Speaker) Share this | Link to this | Hansard source

I'll hear from the Leader of the House.

Mr Tony Burke (Watson, Australian Labor Party, Leader of the House) Share this | Link to this | Hansard source

I just draw attention to the fact that the policy carriage of that is with a different minister.

David Littleproud (Maranoa, National Party, Shadow Minister for Agriculture) Share this | Link to this | Hansard source

Mr Speaker, it is a central agency that is determined at Treasury but it would have been at the behest and the advice of all the departments, including the department of agriculture, as to how a farmer would in fact pay for this. I would have thought that is prudent governance.

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Attorney-General is warned. I like to give everyone a fair go when they raise their points of order. We've done that. The minister is now going to get the call—she's happy to answer the question—and we'll go forward that way.

Julie Collins (Franklin, Australian Labor Party, Minister for Small Business) Share this | Link to this | Hansard source

I thank the member opposite for that question. As the member knows, the government is targeting tax breaks in superannuation to make them fairer, particularly for individuals with super balances of more than $3 million. All Australians will continue to receive their tax concessions to help them save for retirement. All superannuation funds, including self-managed funds, are required to have sufficient liquidity. That's already a principle and requirement of our current superannuation system. Under existing superannuation law, funds are required to have some liquid assets to meet any existing and prospective liabilities, cashflow requirements and expected tax concessions and consequences of their investments. Individuals can choose how they pay their tax, either out of their superannuation account or from their own pocket. This is similar to other parts of the superannuation system.