Millionaires who pay no tax and Australia's richest and poorest postcodes revealed
Seventy-three millionaires paid no tax in 2017-18, while Australia's richest people live in Sydney's Double Bay, on average earning more than 13 times the nation's poorest, who live in central-west Queensland.
The latest taxation statistics for 2017-18 is based on information 14.3 million Australians reported in their tax returns.
It shows NSW postcodes had seven of the nation's average highest earners in the country, while Queensland had six of the lowest average earners.
There were 73 Australians who earned more than $1 million in the 2017-18 financial year that did not pay a cent of income tax, up from 69 the year prior.
Negative gearing remains a popular tax break.
More than 1.3 million of the nation's 2.2 million landlords declared a net loss on their investment properties.
Almost 1.8 million of those landlords had a mortgage on their property and were claiming interest deductions — that is about 80 per cent of property investors.
Australia's richest postcode: 2028
Postcode 2028, Double Bay, had the highest average taxable income, at $242,428.
The second average highest earners, with an average taxable income of $198,828, live in postcode 2027, taking in Sydney harbourside suburbs Darling Point, Edgecliff, HMAS, Rushcutters and Point Piper.
https://www.abc.net.au/news/2020-07-18/tax-stats-2017-18-ato-millionaires-no-tax/12467016?nw=0