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.
