Capital gains tax discount ‘overwhelmingly’ benefits investors in Australia’s richest electorates, analysis shows
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A new analysis by the Australian Council of Social Services (Acoss) reveals that the capital gains tax (CGT) discount in Australia disproportionately benefits wealthy electorates. The study, based on 2022-23 Australian Taxation Office data, found that a small number of high-income, inner-city electorates in eastern states receive a significant portion of the tax break. For example, investors in Wentworth, Sydney, claimed approximately $1.8 billion from the 50% CGT discount. Acoss argues that this tax break funnels billions into the wealthiest parts of the country and is advocating for a halving of the CGT discount. The research highlights that a fifth of the annual benefit from the tax break goes to a handful of rich enclaves in Sydney and Melbourne.
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AI-ExtractedA handful of rich enclaves account for a fifth of the annual benefit from the tax break.
Investors in Wentworth claimed about $1.8bn from the 50% capital gains tax discount.
The CGT discount benefits flow overwhelmingly to a small number of high-income, inner-city electorates.
It's clear this tax break funnels billions into the wealthiest parts of our country.
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