Capital gains tax discount to cost Australia $250bn over next decade with retirees and high-income earners to benefit most

Australia's capital gains tax discount is projected to cost the budget approximately $250 billion over the next decade, according to the Parliamentary Budget Office. This figure is more than double the $205 billion lost in revenue since the discount's introduction in 1999. The analysis reveals that the top 1% of taxpayers will receive nearly 60% of the benefit in the current financial year. The federal government is currently considering scaling back the 50% discount, potentially to assist first home buyers. The report highlights the significant financial implications of the capital gains tax discount and its disproportionate benefit to high-income earners and retirees.

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