Treasury on Thur 30.1.2014, released the Tax Expenditures Statement 2013, dated January 2014. The 2013 Tax Expenditures Statement lists 355 tax expenditures (eg tax exemptions, deductions or offsets, concessional tax rates and deferrals of tax liability) provided to taxpayers by the Australian Government and, where possible, the estimated value or order of magnitude of the benefit to taxpayers. The 2013 Statement reflects Australian Government policy up to and including the 2013-14 Mid-Year Economic and Fiscal Outlook, including measures that are yet to be enacted. The largest measured tax expenditures for 2013-14 is for the CGT main residence exemption – discount component (id=”mce_marker”6.5bn) followed by superannuation concessions (concessional taxation of super entity earnings – id=”mce_marker”6.1bn, then concessional taxation of employer contributions – id=”mce_marker”6bn). Note that a new methodology for assessing the reliability of tax expenditure estimates has been adopted in the Statement.

[LTN 19, 30/1/14]