this post was submitted on 31 Jan 2024
21 points (95.7% liked)

Australia

3484 readers
74 users here now

A place to discuss Australia and important Australian issues.

Before you post:

If you're posting anything related to:

If you're posting Australian News (not opinion or discussion pieces) post it to Australian News

Rules

This community is run under the rules of aussie.zone. In addition to those rules:

Banner Photo

Congratulations to @[email protected] who had the most upvoted submission to our banner photo competition

Recommended and Related Communities

Be sure to check out and subscribe to our related communities on aussie.zone:

Plus other communities for sport and major cities.

https://aussie.zone/communities

Moderation

Since Kbin doesn't show Lemmy Moderators, I'll list them here. Also note that Kbin does not distinguish moderator comments.

Additionally, we have our instance admins: @[email protected] and @[email protected]

founded 1 year ago
MODERATORS
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
21
Cost of negative gearing and other rental deductions soaring, Australian Treasury data reveals (www.theguardian.com)
submitted 6 months ago by [email protected] to c/[email protected]
5 comments fedilink hide all child comments
 

Concessions for superannuation cost the federal budget almost $50bn a year while rental deductions, much of them for negative gearing, have jumped by more than half in three years, the annual Treasury summary of tax expenditures shows.

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.

Topping the list was concessions for super contributions, which cost the budget $28.55bn, up almost 23% from the previous year. Exemptions for earnings from super was ranked fifth largest at $20.05bn, down about 7% on the previous year.

Benefits for both types of super exemptions were skewed to higher income earners. In 2020–21, 90% of the contributions benefit went to people with above median income, and 30% went to people in the top tenth of taxable income earners.

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 7 points 6 months ago (1 children)

Benefits for both types of super exemptions were skewed to higher income earners. In 2020–21, 90% of the contributions benefit went to people with above median income, and 30% went to people in the top tenth of taxable income earners.

The biggest takeaway, in my opinion. As always the biggest tax breaks benefit the rich the most.

"But they pay more tax!", cry the temporarily embarrassed millionaires defending their future socio economic peers.

That's the whole point of a sliding scale ffs. Everyone should be able to afford the essentials (tax free threshold). If you work harder and earn more money you should be able to keep most of it (lowest tax bracket). But once you've got your cake, and eaten it, and are now trying to gobble up everyone else's cake too you need to have some of that cake withheld to ensure there's enough for everyone.

Having all these concessions that only the rich get to take advantage of totally poops all over the whole concept.

[–] [email protected] 2 points 6 months ago

yeah, but we all know how stupid Australia is now... people here regularly vote against their interests, regardless of how obvious it is.