2002 Tax Expenditures Statement
The Treasury today released the 2002 Tax Expenditures Statement. The Statement provides estimates of the financial benefits derived by the recipients of many tax concessions, which are usually delivered by tax exemptions, tax deductions, tax offsets, reduced tax rates or by deferring a tax liability. They lower the tax burden by either reducing the amount of, or delaying the collection of, taxation revenue.
The main points to note from this year's Statement are:
- The single largest tax expenditure is related to the concessional treatment of superannuation contributions, fund income and benefits paid. The total benefit of this concession is estimated at $9.8 billion in 2001-02.
- The aggregate cost of tax expenditures for which estimates were prepared is around $29.9 billion in 2001-02. Social security and welfare tax expenditures comprise around 60 per cent of total measured tax expenditures.
The 2002 Tax Expenditures Statement is available from Government Information Shops and through the internet at http://www.treasury.gov.au.
22 January 2003
Canberra Contact: Phil Gallagher
(02) 6263 3945