2001 Tax Expenditures Statement
The Treasury today released the 2001 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 rebates and reduced tax rates. 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 $9.1 billion in 2000-01.
- The aggregate cost of tax expenditures for which estimates were prepared
is around $29.6 billion in 2000-01, or the equivalent of around 16 per cent
of direct Commonwealth expenditure. Social security and welfare tax expenditures
comprise around 60 per cent of total measured tax expenditures.
The 2001 Tax Expenditures Statement is available from Government Information Shops and through the internet at http://www.treasury.gov.au.
|Canberra||Contact: Darren Kennedy|
|14 December 2001||(02) 6263 3851|