Millionaires who pay no tax and richest and poorest postcodes revealed in ATO tax stats
There were 91 Australians who earned more than $1 million in total income yet paid no tax in 2022-23, according to newly released data from the Australian Taxation Office (ATO).
The figures also show Australia's highest earners live in Sydney's eastern suburbs, taking in Darling Point, Edgecliff, Rushcutters and Point Piper.
Analysis of the data by the Australia Institute and the ABC shows overall, these 91 millionaires claimed $390 million worth of different deductions to reduce their tax bills to zero.
The vast bulk of this was the 19 of them who made $291 million in donations to tax-deductible charities, or an average of about $15.4 million each.
Using a tax agent to manage tax affairs is also an allowable tax deduction for all taxpayers, meaning some of those who earned more than $1 million but paid no tax claimed these expenses.
This group of non-tax-paying high-earners claimed $62.8 million in deductions for managing their tax affairs — an average of $690,815.
The Australia Institute's chief economist, Greg Jericho, says this shows the nation's wealthiest and richest can use the tax system to reduce tax bills to zero "at a time when we are debating changes to superannuation taxation for the small number of people with balances over $3 million".
He says this happens because the wealthy can pay "high-priced tax lawyers and accountants" to do it.
The data also shows 2.3 million Australians declared rental income in 2022-23, with about 71 per cent of landlords owning only one investment property (just over 1.6 million).
About 19 per cent (423,000) own two properties, around 6 per cent (130,000) own three properties, while around 4 per cent of landlords (47,000) own four properties.
There are very few landlords (18,837) with five investment properties and a similarly small group with six or more (19,389).
Overall net rental income for 2022–23 was $1.6 billion, down from $6.0 billion in 2021–22.
More landlords made profits than losses in 2022–23. The average total net rent median was $52 and the average was $696.
Of about 1,130,000 landlords who made a loss (were negatively geared), the median loss was $5,487 and the average was $9,346.
The ATO figures show the country's highest-earning postcodes were in Sydney, with seven suburbs making up the top 10.
The postcode with the highest average taxable income ($279,712) was in Sydney's eastern suburbs — postcode 2027 — which takes in Darling Point, Edgecliff, Rushcutters and Point Piper.
That was followed by Double Bay (postcode 2028) and Woollahra (2025).
Melbourne's Toorak and Hawksburn — postcode 3142 — came in fourth place, then we jump back to Sydney's eastern suburbs, with Vaucluse, Watsons Bay, Dover Heights, Rose Bay North and HMAS Watson (2030) coming in fifth place.
But those living in NSW were also among the nation's lowest average income earners.
The lowest-income postcodes were in areas with higher numbers of university students.
The area taking in students studying at The University of Newcastle's main campus at Callaghan, postcode 2308, earned an average taxable income of $20,878.
The next poorest postcode was 2052, taking in the University of NSW area, with an average taxable income of $20,892.
Since reporting started in 2010–11, surgeons have remained the highest-paid occupation, with 4,247 individuals reporting an average taxable income of $472,475 in 2022–23.
This was followed by anaesthetists: 3,658 individuals in this category earned an average taxable income of $447,193.
The third-highest-paid occupation was "financial dealers", of which there were 5,147 with taxable incomes of $355,233.
The poorest paid jobs were in the "personal careers and assistants" category, earning an average taxable income of $22,533.
This was followed by "fast food cooks" earning $22,722 and "apprentices and trainees in hospitality" earning $25,358.
More than 16 million Australians lodged tax returns in 2022–23.
The ATO's data showed 10.3 million individuals claimed a total of $28.3 billion in work-related expenses — an average of $2,739 per person.
The average superannuation account balance increased from $164,000 in 2021–22 to $173,000 in 2022–23.
Net tax from companies for the 2022–23 income year increased by 9.2 per cent to $140 billion (compared to $128 billion in 2021–22).
The biggest company tax liability came from the mining industry (39 per cent of company net tax) with the industry's net tax growing from $42.3 billion to $54.4 billion.
The luxury car tax increased by 17.9 per cent to $1,153 million.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
16 minutes ago
- News.com.au
First-home buyers battle for $640k Glenroy townhouse
A Glenroy couple who brought their newborn son home to 6 Sunbeam St — and later built a backyard deck with help from Dad — have sold their first home under the hammer for $640,000. Matt and Shani Panopoulos had owned the two-bedroom townhouse for eight and a half years, having paid $580,000 in 2017 as first-home buyers. All five auction bidders on Saturday were also first-home buyer hopefuls. Why Sydney buyers are flocking to Melb Tragic side of Aus housing crisis exposed The young family were thrilled to see it go to another buyer starting their journey. 'We bought it in winter, brought our son home in winter, and now we're handing it over in winter, it feels like a full-circle moment,' Mrs Panopoulos said. Their favourite feature was a custom-built deck added with Shani's father, who had mates with spare materials. It became the family's second living area. 'We had coffee there in the mornings, summer dinners, and a little play area for our son,' she said. 'It's a space that really became the heart of our home.' During Covid lockdowns, the second bedroom doubled as a home office, and the parkland across the road became their daily retreat. 'It was perfect,' she said. 'We had nature just across the street and somewhere peaceful to clear our heads. I don't think we realised how lucky we were until we really needed it.' The couple have since upsized closer to extended family, but said they would miss the quiet, neighbourly street and the strong sense of community Glenroy offered. 'It was the perfect first home, easy to care for, beautifully designed, and in a great spot close to everything,' Mr Panopoulos said. 'We were very lucky to find it.' Ray White Glenroy agent Abdullah El Hosari handled the sale and said interest was strong from the start, with the final result soaring $90,000 above the top of the $500,000-$550,000 price guide. 'There's no body corporate, and it's been so well looked after,' Mr El Hosari said. 'You could feel the love and care the moment you walked in.' Mr El Hosari added that limited supply in the winter market had helped fuel strong demand. Ray White Victoria and Tasmania chief auctioneer Matt Condon sold the home under the hammer to a first-home buyer in front of a crowd of onlookers.
News.com.au
3 hours ago
- News.com.au
‘Quiet crisis' playing out across Australian workplaces right now
A 'quiet crisis' is emerging across Australia as the world enters a new workforce era, with leaders warned that being unwilling to adapt could have serious consequences in the near future. The way we work has transformed dramatically in recent years, with the Covid-19 pandemic forcing people to adapt to new ways of working. Even though we are no longer in the thick of lockdowns and social distancing, the changes that occurred to workplaces during that period don't look like they are going away any time soon. For a lot of office-based employees, hybrid or remote work has become the norm and, despite a recent rise in company's issuing return to office mandates, Aussie workers won't give up their new-found flexibility easily. A new report from payroll and HR company, Deel, explores how workers are responding to shifting workplace conditions, including AI disruption, cost of living pressures, how they are being paid and the benefits they are receiving. More than 1000 full-time Australian office workers were surveyed as part of the 2025 Deel Australia Payday Expectations Report, revealing a widening gap between what employees want and what their employers are willing to give. Shannon Karaka, Deel's Country Leader for Australia, said one of the big things that was made clear in the report is that Aussie workers want more control, particularly when it comes to their pay. 'This report reveals a quiet crisis unfolding in workplaces, and the urgency for businesses to evolve – from modernising payroll to supporting financial resilience,' he said. 'Today's employees expect the same level of customisation and speed from their workplace benefits as they do from their favourite apps. 'We're seeing a growing demand for payroll to be a financial service, one that empowers employees with real-time access, flexibility, and greater control over their earnings.' Of those surveyed, 38 per cent said they want to be paid sooner than they currently are, this rises to 50 per cent among those struggling financially and 55 per cent for households earning under $50,000 a year. But it isn't just when they are being paid that they want more say on, it is also how they are being paid. Three in five said they would considered receiving part of their salary in non-traditional forms, such as stocks, shares or equity. Gen Z were most likely to consider alternative forms of payment, along with being the most likely age group to consider receiving cryptocurrency as part of their salary. The vast majority of those surveyed said they would want the option of customising their pay and benefits package, with 64 per cent saying they would trade paid leave benefits for a higher salary. Despite this, it is clear work-life balance is also a high priority, with two thirds of respondents ranking either flexible working hours or remote work options among their most important benefits in a job. One in four revealed they would also take lower pay in exchange for more flexibility. A whopping 78 per cent said they were willing to give up perks like gym access, free meals or company events for more flexible working conditions. Gen Z are also leading the charge in this area, with 90 per cent of respondents in this age group saying they would trade traditional benefits for more flexibility, compared to just 51 per cent of Baby Boomers. The results make it clear there is a growing disconnect between what is being offered and what workers actually want. Speaking to Mr Karaka that if this gap around compensation, benefits and flexibility continues to widen, we are going to see 'serious consequences across Australian workplaces'. He said companies that don't adapt to these changes will be 'left behind'. 'Retention will drop, engagement will suffer, and top talent – especially among younger generations – will walk away in favour of more progressive, flexible employers,' Mr Karaka said. 'The best thing employers can do right now is listen, and then act. The data is clear: employees want more flexibility, transparency, and control over how and when they're paid.' For those businesses that are willing to listen to employees and adapt accordingly, Mr Karaka suggested the first step is to modernise payroll systems. This could look like offering features such a s real-time pay, customisable benefits and financial wellness tools. However, he noted that none of these changes can happen without 'rebuilding trust', but ensuring there is always available to resolve issues and being transparent about how salaries and bonuses are calculated. 'This is about meeting employees where they are. Gen Z and Millennials, in particular, expect their workplace experience to match the speed and personalisation of the apps they use every day,' he said. 'Employers who embrace this shift won't just keep up, they'll lead.'
The Advertiser
3 hours ago
- The Advertiser
Australians warned to not jump the gun on tax return
Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person.
