The Albanese government has started a debate about tax concessions around superannuation. But there are more than 300 in our tax system.
The new estimate will sharpen the political fight over the tax increase and intensify calls to adjust the $3 million threshold for the controversial change.
Labor is close to a deal to double taxes on funds above $3 million,but will give voters a chance to veto what the Coalition says is a breach of trust.
PM Anthony Albanese says the changes,to take effect from July 1,2025,will bring in about $2 billion in additional tax over four years.
A report shows the total cost of concessions around super will be worth almost $51 billion this financial year,with the bulk of the tax breaks flowing to high-income earners.
Liberal MP Russell Broadbent said Australia needs a debate on the fairness and equity of the tax rules rather than a political argument.
The government wants to place a cap on the super tax concessions going to the wealthy to stop super from becoming a taxpayer-funded estate planning scheme.
The federal budget could miss out on billions in revenue in coming years and economists have called for reforms to bring Australia’s housing tax policy into line with international standards.
Young people around the world have suffered big falls in home ownership. Australians - especially those on low incomes - are taking the biggest hit.
It’s not too late. Here are some last-minute strategies to cut a looming tax bill,or boost your return.
The basic rule of thumb is that if you have incurred an expense as part of your job,you can claim it as a tax deduction. However,some taxpayers stretch the patience of the Australian Taxation Office when they file their annual return.