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this post was submitted on 31 Jan 2024
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This is the best summary I could come up with:
The ranking of revenue foregone in 2023-24, released on Wednesday, was headed by many of the usual groups, finding for example that shielding taxpayers’ main residence from capital gains taxes, saved them a combined $47.5bn for the year, up about a third from 2018-19.
The Albanese government’s super concessions changes in its 2023-24 budget – doubling the tax on earnings from balances of $3m or more to 30% – will affect about 0.5% of the population with the full effect from 2027-28 on.
The spread of benefits in 2020-21 showed 80% of the tax reduction for rentals went to those above the median income, while 37% was collected by the top decile of earners, the government said.
The increasing prospects of a second consecutive budget surplus in the 2023-24 year will also likely prompt calls for more cost of living relief.
“With the federal budget facing a long-term structural deficit and big spending pressures looming, curbing these tax concessions should be a priority.
Coates said the super tax breaks, in particular, were more generous than needed as they were originally designed to help people replace or supplement the age pension.
The original article contains 731 words, the summary contains 190 words. Saved 74%. I'm a bot and I'm open source!