20% top earners receive over 50% of Australia's superannuation tax concessions, costing $54.56bn in lost revenue and contributing to income and gender inequality.
Report shows superannuation tax concessions in Australia foster income and gender inequality, with top 20% earners receiving over 50% of benefits. These concessions cost $54.56bn in lost revenue in the 2022-23 financial year. Removing tax breaks for top 10% earners could save over $12bn annually. Gender savings gap at retirement is 25%, and super concessions may exceed age pension costs by 2045-46.
June 07, 2024
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