2003 TAX EXPENDITURES STATEMENT
The Treasury today released the 2003 Tax Expenditures Statement. The statement provides details of concessions, benefits or incentives delivered to taxpayers through the tax system. These are referred to as ‘tax expenditures’. The Tax Expenditures Statement provides details of each tax expenditure provided by the Australian Government and where possible, reports the estimated value of the benefit to taxpayers.
The 2003 Tax Expenditures Statement lists around 250 tax expenditures reflecting announced policies and legislation applying up to the 2003 04 Mid Year Economic and Fiscal Outlook.
The main points to note from this year's Statement are:
- Total measured tax expenditures in 2002 03 are valued at around $30.0 billion and are expected to increase to around $30.4 billion in 2003-04.
- The largest tax expenditure is the concessional treatment of funded superannuation which is estimated to provide a benefit to taxpayers of around $9.6 billion in 2002-03, increasing to around $10.5 billion in 2003 04.
The 2003 Tax Expenditures Statement is available through the internet at http://www.treasury.gov.au. In addition, copies of all Treasury publications can be purchased through CanPrint Infoservices: Toll Free 1300 889 873, or email firstname.lastname@example.org