PROTECT YOUR DNA WITH QUANTUM TECHNOLOGY
Orgo-Life the new way to the future Advertising by AdpathwayAustralians coughed up more than a quarter of a trillion dollars in income tax for the 2022-23 financial year, but there were dozens of millionaires who didn't pay a cent.
The Australian Taxation Office (ATO) released its annual statistics for 2022-23 this morning, revealing that it collected a whopping $577.4 billion in tax, up from $530.1 billion the year before.
The bulk of that – some $298 billion, or 51.6 per cent – came from personal income tax, companies paid a further $140 billion or 24.2 per cent, and the GST made up 14.2 per cent or $81.7 billion of the nation's tax burden.
But despite Australians' significant collective income tax bill, there was a large handful of ultra-wealthy earners who didn't contribute to it.
Of the 24,350 people whom the ATO listed as earning more than $1 million, there were 24,211 income tax payers, leaving 139 who, through a range of deductions, didn't have to pay any.
Work expenses were the most common type claimed in 2022-23, with Australians claiming a collective $28.3 billion in them.
Beyond income and company tax and the GST, excises on the likes of tobacco, fuel and alcohol earned the government $25.4 billion, and superannuation taxation contributed a further $24 billion.
But the petroleum resource rent tax (PRRT) – the fee energy companies must pay to extract oil and gas, theoretically ensuring Australians benefit from the use of the country's natural resources – 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 – 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.
DOWNLOAD THE 9NEWS APP: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play.