ATO statistics reveal that over 100 Australians earning over $1 million paid no tax in 2021-22
These millionaires earned on average $3.8 million each and pay 0 tax. Now how you ask? Well like like much of us do do it. They claim tax deductions. So $280 million worth of tax deduction or almost 280 million claimed by this group of taxpayers. And the by far the biggest cohort of deductions claimed by this group, 240 million worth was tax deductible donations to charities. The rest were for for other things that all of us can claim again. So things like the cost of managing your tax affairs. So an average of $200,000 each claimed for that particular deduction. Of the top ten post codes, seven were actually in Sydney. So the Sydney suburb of Double Bay had the greatest taxable income, with the average resident earning more than $354,000 WAS. Cottesloe and Peppermint Grove, which share the post code 6011, were also near the top of the list with an average taxable income of more than 295,000. The next highest earners were actually in Sydney Post code 20 to Seven, which takes in the harbourside suburbs of Darling Point and Edgecliff. Here the average taxable income was almost $270,000. Now in terms of the poorest, they tend to be where students reside. So you had the University of Newcastle area, post code 2308, and the next was University of NSW area. Both had average taxable incomes of almost 21,000.