More than 100 Australians who earned more than $1 million in total income paid no tax in 2021 to 22. New data from the ATO reveals the number of millionaires paying zero in tax has gone up from the previous year.
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00:00These millionaires earned on average $3.8 million each and paid zero tax.
00:08Now how, you ask?
00:09Well, like much of us do it, they claim tax deductions, so $280 million worth of tax deduction,
00:18almost $280 million claimed by this group of taxpayers.
00:23By far the biggest cohort of deductions claimed by this group, $240 million worth, was tax
00:31deductible donations to charities.
00:34The rest were for other things that all of us can claim again, so things like the cost
00:39of managing your tax affairs, so an average of $200,000 each claimed for that particular
00:46deduction.
00:47Of the top ten postcodes, seven were actually in Sydney, so the Sydney suburb of Double
00:52Bay had the greatest taxable income, with the average resident earning more than $354,000.
00:58WA's Cottesloe and Peppermint Grove, which share the postcode 6011, were also near the
01:06top of the list with an average taxable income of more than $295,000.
01:12The next highest earners were actually in Sydney postcode 2027, which takes in the harbourside
01:17suburbs of Darling Point and Edgecliff.
01:21Here the average taxable income was almost $270,000.
01:26Now in terms of the poorest, they tend to be where students reside, so you had the University
01:32of Newcastle area postcode 2308, and the next was University of New South Wales area, both
01:40had average taxable incomes of almost $21,000.