Australia

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.

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