The Australian Taxation Office (ATO) published its yearly statistics for 2022-23 this morning, showing that it collected an impressive $577.4 billion in tax, up from $530.1 billion the previous year.
But despite Australians’ significant collective income tax bill, there was a large handful of ultra-wealthy earners who didn’t contribute to it.
Out of the 24,350 individuals identified by the ATO as earning over $1 million, there were 24,211 who paid income tax, leaving 139 who, due to various deductions, did not have to pay any taxes.
Work expenses were the most common type claimed in 2022-23, with Australians claiming a collective $28.3 billion in them.
In addition to income and corporate tax and the GST, excises on products like tobacco, fuel, and alcohol brought in $25.4 billion, while superannuation taxation generated an additional $24 billion for the government.
But the petroleum resource rent tax (PRRT) â the fee energy companies must pay to extract oil and gas, theoretically ensuring Australians benefit from the use of the country’s natural resources â was only a miniscule revenue driver.
Combined with the luxury car (LCT) and wine equalisation (WET) taxes, it raised just $4.2 billion for government coffers â less than a single per cent of the nation’s overall tax bill.
Meanwhile, the ATO statistics revealed surgeons have remained the most highly paid professionals in the country with an average income of $472,475.
The eastern Sydney postcode of 2027, which covers the seaside suburbs of Pipers Point, Edgecliff and Darling Point, remained the wealthiest in the nation.
The average income in the area is $279,712.
