Grant Chapman (SA, Liberal Party) Share this | Hansard source

Mr President, I ask a supplementary question. Can I say it is very sad that, for the sake of $8 million in a several hundred billion dollar budget and a $20-odd billion dollar surplus, the government seems to be ignoring the long-term, devastating consequences of this policy. The minister has failed to say in answer to my question why the intergenerational transfer of assets held in a family trust should be subject to capital taxation. He has also failed to acknowledge the unfairness of Labor’s changes. Given that assets held in other forms of ownership are not subject to this same form of harsh taxation and that some farmers may have to sell their farms to pay the tax, as they did with death duties, will Labor reverse these changes and stop punishing farmers and small business operators in Australia with what amounts to a de facto death duty?