COMMON SENSE PREVAILS AS CHALMERS BACKFLIPS ON SUPER TAX AFTER OPPOSITION PRESSURE
Taxing paper profits was always unfair and unworkable. It would have taxed everyday Australians on money that hadn’t even hit their bank account yet – risking forced sales to pay the tax bill for family farms and small businesses with illiquid assets. Today’s backdown by the Treasurer means they can breathe a little easier. And you can thank the unrelenting pressure put on them by us, the Liberal and National Parties for the turnaround.
Under the changes announced today, Labor has dumped the unrealised-gains formula and will tax only realised earnings, with a new 40 per cent rate for balances over $10 million, indexation of thresholds, and a delayed start until 1 July 2027.
This represents a major shift from the original plan, which would have taxed Australians on unrealised or paper gains, an approach widely criticised by farmers, small businesses and tax experts. An approach that was loudly rallied against by myself and my Coalition partners.
Labor’s admission that it got the design wrong shows how out of touch this government has been with regional and small business realities.
Jim Chalmers was the architect of this tax and defended it to the hilt. He told Australians the paper-profits method was ‘the most efficient, simplest and best way’ and vowed to pass it ‘without amendments’. Today he’s admitted what farmers and small business owners have been saying to him all along: it fails the pub test.
This is a fundamental redesign of the tax. There are new thresholds, new rates, new rules. We’ll scrutinise the fine print and listen to stakeholders views on Treasury’s consultation. We want to make sure there’s no sneaky return to taxing unrealised gains or other surprises in their new tax.
When Labor runs out of money for their spending spree, they come after yours. Today may be a small win for common sense, but the fight to hold them to account continues.
Thankfully, he came to his senses.
Well done guys. Common sense prevails. Thank you
Great job Pat and co.
Good. The government does not require income from the same scheme they set up to assist the working class to fund the final decades of their lives no matter the income level.
I think 8000 people are affected. The other 25 million probably don't care how much tax someone with $10 million in super has to pay on tax. They could simply reinvest it and find something significant.
Smoke and mirrors
Well done Pat
a small win. now let's just get rid of tax on hard working australians altogether! ie the small govt approach.
Pat, can you tell us how many everyday Australians and farmers have $3 million in their super. You have fought for the CEO’s for Gina Rinehart and all the mining bosses. If bs was music you have a brass band. Congratulations.
Any policies yet? Nah didn’t think so just still crying and whining irrelevance is a tough job get used to it, 94 seats will seem like not a bad effort. Keep it up LNP will disappear.
Or maybe Labor have realised Australian people have had enough of their lies and overspending and time to give back or they are out. Preferably out regardless
Watch them with GST increases!
This mob haven’t a clue. We are in the hands of morons
Nice quote... "When Labor runs out of money for their spending spree, they come after yours." Maybe tell that to whoever designed and implemented RoboDebt!
☕SATURDAY SMALL BUSINESS SHOUT OUT: PHOENIX CAFE🍰
I had the pleasure of visiting the Phoenix Cafe in Bowraville last week to celebrate their successful grant application under the Stronger Communities Programme Round 9.
The team were awarded $5,239 to purchase a commercial fridge and freezer for the café which compliments the community run Nambucca Valley Phoenix Art Gallery and is a popular Bowraville destination for locals and tourists alike.
Manager Fiona Welsh hopes that the fit-for-purpose equipment will enable Phoenix to open the café for special community events and extended trading hours. They are currently collaborating with the Bowraville Theatre to provide a pre-theatre event dining venue for their patrons. The end goal is to grow the café’s trading hours to include weekends as well, which would be a great thing for the township and local tourism.
They have a fabulous range of food and great coffee, so if you're in Bowravil#supportlocaly#shoplocal!#bowravilleo#nambuccavalleyphoenixi#nambuccavalleyl#StrongerCommunitiesv#FederalFundingc#CowperProudfederalfunding #CowperProud
Thanks for visiting us Pat, we really appreciate the support, and equipment, and a chat.
Yummy food fabulous art!
Had quiche and cuppa the other day was great 👍
congratulations phoenix. thanks Pat
Are the cakes on the right baked in store they look lovely
🕺😎👍
🗣NAMBUCCA VALLEY: COME AND SEE ME AT MY MOBILE OFFICE👋
I'll be at Nambucca Plaza from 11am - 1pm on Friday October 17. Stop in for a chat while you do your weekly shop!
Please take the opportunity to come and see me so that I can help you with individual concerns relating to Federal Government issues, such as Flood Recovery Assistance, NDIS, Centrelink, Medicare & Aged Care or share your ideas on issues affecting our electorate.
No appointment required.
#chatwithpat #mobileoffice #CowperProud #ListeningTour #nambuccaheads
Mobile Offices | Pat Conaghan MP | Federal Member For Cowper | The Nationals
patconaghan.com.au
Cowper is a large electorate, and it can be hard to travel to Port Macquarie...Please do not support digital id
🗣COFFS HARBOUR: COME AND SEE ME AT MY MOBILE OFFICE👋
I'll be at Coffs Central near Muffin Break 11am - 1pm on Thursday October 16.
Please take the opportunity to come and chat with me so that I can help you with individual concerns relating to Federal Government issues, such as Flood Recovery Assistance, NDIS, Centrelink, Medicare & Aged Care or share your ideas on issues affecting our electorate.
No appointment required.
#chatwithpat #mobileoffice #CowperProud #ListeningTour
Mobile Offices | Pat Conaghan MP | Federal Member For Cowper | The Nationals
patconaghan.com.au
Cowper is a large electorate, and it can be hard to travel to Port Macquarie...Pat Conaghan MP Hi Pat, when are you planning to visit the CWA Dorrigo? We would love for you to help wash up after morning tea in the new dishwasher you assisted us in achieving under the Stronger Communities Programme round 9. Keep us in mind when planning. Thanks. 🙏🏻
🫡SALUTING THEIR SERVICE: FUNDING FOR PORT MACUARIE MUSEUM🎖
Great to catch up with the team at Port Macquarie Museum last week to celebrate their successful funding application
💲The Museum was awarded $3,036 to update their wartime memorabilia display.
⁉Did you know that each piece on display has been donated by local families and painstakingly cleaned and restored for all to enjoy? And that the materials on display are only a fraction of the pieces owned by the Museum?
😄I can't wait to see the new installment of historical treasures. It's wonderful to be able to see our local history of service men and women on proud display.
👏Thank you for having me and congratulations.
#salutingtheirservice #FederalFunding #CowperProud #portmacquarie #portmacquariemusem #lestweforget #localhistory
Great news! We are always happy to receive funding that supports sharing our amazing collection. Thanks Pat.
Love hearing this, will be great to get more artefacts on display.
🕺😎👍
🔌ISLAND GOLF CLUB CHARGES UP WITH FUNDING BOOST⛳
The Nambucca Heads Island Golf Club was awarded $18,000 for the acquisition and instalment of solar panels and battery storage on the Club’s golf cart shed under the Stronger Communities Grants Round 9.
With the rampant increases to the cost of electricity and the pressure that increasing input costs is putting on the Club to increase their fees to keep up, these panels will provide some welcome relief.
Any cost saving measures that the Club can find will assist in keeping their member and public user fees affordable. They are a much-loved facility with plenty of visits from tourists and locals alike. The ultimate goal is to make sure that everyone is able to afford to enjoy the pristine courses and experience everything that beautiful Nambucca Heads has to offer!
Great to catch up with Vice President Geoff Brooks, President Geoff Harris and GM Johnathon Zirkler to celebrate their successful application. A wonderful Club in our commun#CowperProudr#StrongerCommunitiesn#FederalGrantl#nambuccaheadsa#solarpowerr#FederalGrantsGrants
Fantastic news for the Golf Club, well done Pat.
⛳️ 🕺😎👍
well done Pat
One of the best spots for a golf course I have ever been to also great tourist attraction . Well done Pat
