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Dozens of Australians who earned more than $1billion combined didn’t pay a cent in tax last year, according to Australian Taxation Office data.
The 66 millionaires were able to dodge their tax obligations through a series of loopholes used by their highly-skilled accountants.
The millionaires racked up $219,000 in accounting costs- a fee which was also tax deductible.
The ATO data showed the average income of the wealthy tax-dodgers jumped from $3.5million between 2019-2020 to a whopping $14.5million each last year.
Dozens of millionaires were able to doge their tax obligations by a series of loopholes used by their highly skilled accountants (stock image)stock image)
Dozens of millionaires dodged their tax obligations through a series of loopholes used by their accountants (stock image)
Senior Economist at the Australia Institute Matt Grundoff (pictured) said loopholes used by highly-skilled accountants allowed the millionaires to get out of more than $400 million in tax
Senior Economist at the Australia Institute Matt Grundoff said the loopholes helped the millionaires get out of paying more than $400 million in tax.
‘If they actually paid tax they would have paid over $400 million in tax,’ Mr Grundoff told 9News.
‘We need to be vigilant and we need to close these tax loopholes.’
Almost half of the ATO’s revenue came from individual income tax returns, with the median income across the country standing at $$65,000 and the average Aussie paying more than $11,000 in tax.
The data also revelaed that surgeons were the highest paid profession in Australia, with an average income of $457,000.
Double Bay in Sydney’s eastern suburbs was named as the postcode with the highest income .
The data also revealed Australians are typically earning six-figure salaries in jobs that do not require a university degree.
Australians are typically earning six-figure salaries in jobs that don’t require a university degree. Police detectives are typically paid $122,732, with men making $126,791 and women earning $109,772 (pictured are NSW Police Force academy recruits in Goulburn)
Crane operators (stock image) with an average taxable income of $108,073
The occupations with average incomes above $100,000 include police detectives, train drivers, diesel mechanics, crane operators, cattle auctioneers and wharf labourers.
Someone on a six-figure salary is now among the 44.5 per cent or 6,736,313 of taxpayers in the $45,000 to $120,000 bracket where they pay the federal government 32.5 cents in the dollar on their earnings.
They are in the same category as someone on an average taxable income of $68,289, which is slightly above the national middle income of $65,000 but below the average, full-time salary of $94,000 as measured by the Australian Bureau of Statistics.
Police detectives are typically paid $122,732, with men making $126,791 and women earning $109,772.
Those in law enforcement can do a degree in policing and often need a university qualification to become a detective, depending on the state.
But those in blue can also complete a vocational course to join the force and progress up the ranks.
Railway station managers were well remunerated with an average taxable income of $113,579, while train examiners had an average taxable salary of $114,929 in an occupation requiring a Vocational Education and Training course in rail safety.
Railway signal operators typically get $119,915, while train drivers are on $127,932 in a job requiring a Certificate IV in Train Driving.
Diesel motor mechanics are also typically paid six-figure salaries with average incomes of $100,105, which is significantly higher than $67,147 for a garage mechanic.
Unlike mechanics working in suburban garages, diesel mechanics often work on mine sites repairing and maintain large dump trucks in a sector that is well remunerated.
This occupation servicing trucks and buses requires a Certificate III in Heavy Commercial Vehicle Mechanical Technology or a Certificate III in Automotive Diesel Engine Technology.
Railways offer a range of jobs with six figures from station managers ($113,579) to railway signal operator ($119,915)
Those using the heavy machinery are well paid with crane operators getting $108,073, in a dangerous job requiring a heavy rigid truck licence and a Certificate III in Construction Crane Operations.
Coal miners also are well paid, having an average taxable income of $125,856, compared with paper mill operators on $102,053.
Wharf labourers who unload imported freight at Australia’s ports make $102,840, while security consultants were earning on average $107,119.
Those in this role offer advice on design features to ward off intruders and are required to have a Certificate IV in Security and Risk Management.
Stock and station auctioneers, who take bids on livestock like cattle, typically earned $113,459.
This role requires an auctioneer accreditation in the state where they practise, along with a station agent licence.
Real estate managers earned on average $124,276, in an occupation requiring a state licence and a Certificate IV in Real Estate Practice.
Another job advising investors on buying houses doesn’t typically pay six figures unless a man is doing it.
Male real estate consultants had average salaries of $112,720, compared with $69,953 for women doing the same role, which put the total average for the two genders at $90,213.
It was a similar story for clothing designers with men on average making $214,170, compared with $74,894 for women, putting the occupational average at $89,958.
But in one surprising occupation thought to be male dominated, women made more.
Female bulldozer operators had an average taxable income of $100,253, compared with $92,407 for men.
Stock and station auctioneers, who take bids on livestock like cattle, typically earned $113,459 (pictured is a livestock auctioneer in Ballarat in central Victoria)
In the building sector, consultant construction managers typically made $115,151 (pictured is a Sydney apartment site)
Only 21 women in Australia listed this as their occupation, compared with 541 men, which meant the average income for this job was $92,700.
In the building sector, consultant construction managers typically made $115,151.
Australians earning six-figure salaries will, from July 1, 2024, be the biggest beneficiaries of the stage three tax cuts that will reduce the number of tax brackets from five to four for the first time since 1984.
Those on $120,000 will pay $1,875 less tax, compared with now, which is better than the $875 in relief going to those on $80,000.
