Latest tax data reveals millionaires who paid no tax

ABC NEWS (Australia)

There were 91 Australians who earned more than $1 million in total income in 2022-23, yet paid no tax – that's according to newly released data from the Australian Taxation Office.

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00:00Just like you and I can claim tax deductions at tax time, so can these millionaires, although

00:09they do it on a much bigger scale.

00:11So the vast majority, they claimed about $390 million worth of tax deductions.

00:18Now the vast majority of that was donations that they made to charities, and then they

00:25also claim the cost of managing their tax affairs, so that's like accountants and tax

00:31advisors.

00:32Now the ATO data, Nassim, also shows where the wealthiest postcodes in the country are.

00:39Can you tell us about some of those?

00:41Yeah, so it's no surprise that the wealthiest postcodes are actually in Australia's most

00:46expensive city, Sydney, and it's in Sydney's eastern suburbs.

00:50I'll just read you some of these postcodes.

00:52So postcode 2027, which is in Darling Point, Edgecliff, Rushcutters and Point Piper.

01:00There's postcode 2028, which is Double Bay, and another postcode 2025 as well in Sydney.

01:11And then Victoria comes in at number four, which takes in the postcodes of Turak and Hawkesburn.

01:17And what about the highest and lowest paid jobs?

01:21Yes, so surgeons are at the highest paid, that's followed by anaesthetists as well, and

01:29it tends to be those sorts of medical professionals.

01:32But then you've also got what they call financial dealers in the top three.

01:40And then you've got the most in the past three, which is called Little Bay and the most in the past three.

01:48So that's all.

01:50And you've got the top three people.

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