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$3 million super cap threatens farms
Farmers will be significantly and disproportionately affected if the Division 296 superannuation tax bill passes in its proposed state, an expert wealth adviser has cautioned.
The Division 296 tax, informally known as the $3 million super cap, poses a real threat to Australian farms, according to Kylie Wright, wealth management partner at Ulton.
The $3 million super cap: Debunking the myths
In February 2023, draft legislation for the Division 296 tax was introduced to parliament. At the time, the proposed tax—which targets people with super balances over $3 million—was referred to a senate committee for review. More than a year later, on May 10 2024, that committee reported back with a majority recommendation to pass the bill unaltered.
Rising farmland values: The case for personalised financial advice
As the value of agricultural land climbs, the implications for wealth management and financial planning become increasingly complex. Farmers are not just overseeing day-to-day operations; they are managing substantial assets that, if handled correctly, can ensure financial security for generations.