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11 Feb 2021 Treasury

Tax Benchmarks and Variations Statement 2020 released

Treasury has released the Tax Benchmarks and Variations Statement 2020. The Statement complements the Budget’s revenue estimates and the ATO’s tax statistics by primarily focusing on revenue the Government does not collect.

The Statement lists provisions that apply an alternative treatment for particular taxpayers or forms of economic activity and, where possible, estimates the difference in revenue that occurs as a result. All variations were assessed to identify those that were impacted by the COVID-19 pandemic, the Government response or both. An in-depth review was then undertaken for all identified variations, including those variations that were not scheduled for review this year.

The 10 largest measured benchmark variations and revenue forgone in 2020–21 are:

Benchmark variations

Revenue forgone $m

Main residence exemption - discount component

27,500

Main residence exemption

22,500

Concessional taxation of superannuation entity earnings

19,650

Concessional taxation of employer superannuation contributions

18,400

Discount for individuals and trusts

9,240

Food

7,900

Education

5,050

Health - medical and health services

4,700

Accelerated depreciation for business entities

3,700

Financial supplies - input taxed treatment

3,650

 

Read more here.

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