Kevin Hogan (Page, National Party, Deputy Manager of Opposition Business in the House) Share this | Link to this | Hansard source

My question is to the Assistant Treasurer. Can the Assistant Treasurer confirm how many farmers and small and family businesses will be impacted by the government's superannuation tax on unrealised gains?

Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for the question. What I can confirm is that the total number of members who will be affected, as the Treasurer has confirmed, is roughly in the order of 80,000. I think when it comes to drilling down into smaller categories than that, it is difficult to ascribe a particular number to particular types of business.

What I can say is that the overall number of funds affected by this is in the order of half a per cent, across both defined contribution and defined benefit, across the entire category of all members. That's a very small fraction. It's a very targeted and measured policy which is going to improve the sustainability and fairness of this. This is something which will only affect funds with a total amount of investments within those funds which are significantly higher than that which is required for a dignified retirement, that are significantly higher than the amount that was required for the intended purpose of this policy, going back to its original intent.

Can I just reiterate that this is a policy that will see concessional tax treatment for all funds—the amount up to $3 million and the amount above $3 million—all of the earnings, be treated concessionally. This is something which is very balanced, very fair and very reasonable.