Tax breaks on superannuation earnings and contributions will amount to $48.2 billion this financial year.
The Albanese government has stepped up its push to rein in what it says are unsustainable tax concessions, with the release of new data showing tax breaks on superannuation earnings and contributions will amount to $48.2 billion this financial year.
About 1.3 million taxpayers posted rental losses, known as negative gearing, which led to a $3.6 billion loss in revenue., wants to use the statement to highlight the cost of tax concessions, so he can make a push for structural savings to the budget.The 52 concessions costed by Treasury, which also include, for example, an $8.4 billion GST exemption on fresh food, add up to total of $242.7 billion this year.
“Greater transparency will help increase public awareness and inform debate about the fairness and efficiency of the tax system. Dr Chalmers said the latest numbers show super tax concession constitute almost one third of the $150 billion “cost” of the top 10 tax concessions.The Treasury statement, however, says it is only natural that high-income earners receive the greatest concessions because they pay the most tax.
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