The National Farmers’ Federation (NFF) is seeking more information from, and consultation with, Labor about their plans to reform trusts.
The peak farming body only became aware of Labor’s proposed plans through media reports starting late last week.
“It is disappointing that we have not, to date, been consulted on the change by any member of Labor Party,” NFF Chief Executive Tony Mahar said.
Mr Mahar said, while the actual policy is yet to be announced, the sector was concerned by reports, that if elected, Labor would make wide-ranging changes to taxation of trust structures.
“Family trusts play an important role in Australian agriculture. Any move to make changes to the way trusts are taxed or administered needs to be carefully considered.”
Mr Mahar said trusts helped farmers manage the significant volatility a farm business faces year to year.
“A trust enables farmers to offset costs in the good years to weather the not-so-good years.
Mr Mahar said trusts also helped with the complex task of farm succession by allowing assets to be owned across generations.