Senate Rural and Regional Affairs and Transport Legislation Committee, , 2:47:04 to 2:48:31
Inquiry into how accumulated tax losses interact with the new Capital Gains Tax regime and criticism regarding the lack of consultation on these policy changes.
Topics: Government spending, Agricultural productivity
Speakers: Hon Matthew Canavan, Matt Lowe, Chris Toyne
>> So um just another question here um on a different topic. What happens to accumulated tax losses and the interaction with the new CGT regime? Can farmers use their accumulated tax losses against a future CGT capital gain event?
>> Look, uh I think that's probably a better question for Treasury. Senator,
>> well, I'm I'm advised by accountants that I speak to that they can't they won't be able to do that. they can currently but so there's potentially going to be a situation well not potentially it will happen where farmers have assets on their books they sell their property and those assets will be wiped out uh by this new regime that hasn't been factored in at all
>> it's it's not a matter sorry that senator that's been raised with us or that we've pursued with Treasury um I
>> okay all right um we just keep finding gremlins in this because you know there was no consultation done. There was not taken to an election. Uh and clearly even the bureaucrats don't understand the tax law which is not surprising. It's so bloody confusing. But this is why we should this is like a template and how we should not make major policy changes uh in this country. Not taking to an election, not exposing it to debate and it's a complete and utter mess. Um how many farmers are actually