Tax Break Favors Australia's Wealthiest Neighborhoods
New analysis shows capital gains tax discount overwhelmingly benefits investors in Australia's richest electorates, funneling billions into the country's wealthiest areas.
Capital gains tax discount overwhelmingly benefits investors in Australia's wealthiest neighborhoods, according to new research. The Australian Council of Social Services (ACOSS) analysis of Australian Taxation Office data reveals that a handful of rich enclaves in Australia's two biggest cities account for a fifth of the annual benefit from the tax break.
Investors who live in the wealthy electorate of Wentworth in Sydney's eastern suburbs claimed about $1.8 billion from the 50% capital gains tax discount. ACOSS, which is lobbying for a halving of the CGT discount, says the data highlights how the benefits flow overwhelmingly to a small number of high-income, inner-city electorates in the eastern states.
Source: The Guardian
