Tom Venning (Grey, Liberal Party) Share this | Hansard source

But, as you know, his word is his bond, and, just like Pinocchio, his nose gets longer. He is now planning a housing tax and a tax on family and farming trusts, and he's letting bracket creep take $2,000 a year from workers. This is the highest-taxing government in history. The government's new tax on discretionary trust distributions and adjustments to the capital gains discount pose a massive risk to family planning. Farmers use trusts to manage volatile income and to transition family ownership. If trusts lose that flexibility, regular farming families could face crippling tax bills. Combined with potential changes to CGT on land transfers, these policies risk draining finances. There is the old adage that farmers die rich but live poor. Increased tax liabilities will disrupt family farming models and force unintended asset sales just for farmers to stay afloat.

This government gave its word to regional Australia, but it broke it on roads, broke it on health and broke it on taxes because Labor's word is worthless.

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