Almost 40% of superannuation tax concessions flow to top 10% of earners, tax statement shows

Treasurer Jim Chalmers says analysis will ‘help increase public awareness and inform debate about the fairness and efficiency of the tax system’

, although these are just a fraction of the $50bn a year of superannuation tax discounts. Of the 10 biggest tax expenditures, which are worth more than $150bn annually, around a third is made up of superannuation tax discounts.

The statement shows in 2022-23 concessions on contributions to superannuation cost $23.3bn, with a further $21.5bn reduction in revenue due to concessions on the earnings of savings in super accounts. Some 46% of the benefit of the earnings concession went to those aged 60 or over due to their higher super balances and the zero per cent tax rate applied to earnings in the retirement phase.

After losing the 2019 election promising a broader crackdown on tax concessions including negative gearing, capital gains tax concessions and excess franking credits for those not paying tax, Labor abandoned these policies ahead of the 2022 poll. More than a third of the benefit of rental deductions – which includes rental losses, interest costs, property maintenance and council rates – went to people in the top taxable income decile.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

GuardianAus /  🏆 1. in AU

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nearly 40% of Britons have made a donation to UkraineThe vast majority of the public remain concerned about the conflict one year on, new poll reveals
Read more »

Treasurer asks Australians ‘whether we can afford’ tax breaks on biggest superannuation balancesJim Chalmers defends potential change to super rules for balances over $3m as Coalition vows to oppose it
Read more »

Spanish activists end attempt to revive abandoned village after 10 yearsProject to revive 1,000-year-old village of Fraguas ended as activists face fines of up to €110,000
Read more »

Barcelona crumble ‘with no soul’ to anger Xavi and ‘give Real Madrid life’ | Sid LoweReal’s failure to beat 10-man Atlético gave the leaders the chance to go 10 points clear – but Almería spoiled the party
Read more »

No 10 bats away criticism after king’s meeting with Ursula von der LeyenEuropean Commission president, said to have a love of British history, met Charles after Northern Ireland deal agreed
Read more »