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Inner Southern Suburbs Home to ACT's Highest Earners

Inner Southern Suburbs Home to ACT's Highest Earners

30 April 2015

Suburbs in the inner south are home to the ACT's highest earners and Canberrans are the nation's most charitable earners, Tax Office data has revealed. 

The latest Taxation Statistics for 2012-13, based on the returns of 12.77 million taxpayers, shows Australia's richest live in harbourside Sydney and earn more than eight times the nation's poorest, who live in rural NSW. 

In the ACT, the 2603 postcode, which takes in Forrest, Griffith, Manuka and Red Hill, had the highest mean taxable income of $99,578, and 6180 people reported. 

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The poorest in the ACT was the Gungahlin postcode of 2912 where average income was $56,739.

The ACT was also the most charitable region in the nation - with 109,121 people claiming $62.7 million in deductible gifts and donations. The average claimed in ACT per person was $575, above the national average of $504.

The region's 49 anaesthetists were the highest earners, with an average taxable income of $319,687.

They were followed by 49 surgeons with $294, 594 and 141 specialist physicians with $268,180.

The data highlighted the enormous pay gap between the nation's richest and poorest – there's an average (mean) income difference of $155,823 between the richest postcode (2027) and poorest postcode (2403).

A total of 5980 Australia's highest earners fell within postcode 2027, which takes in Edgecliff, Rushcutters Bay, Darling Point and Point Piper in Sydney. The average taxable income was $177,514.

In the poorest area, postcode 2403 in rural NSW, takes in Myall Creek, Delungra and Gragin. The average taxable income for 350 people was $21,691.

The information does not account for people in the cash economy or with money sitting in offshore tax havens. But they do take into account tax breaks such as negative gearing when assessing average taxable income.

The nation's top 10 highest earning professions included 3570 surgeons with average taxable income of $361,202.

Six of the top 10 richest postcodes were in inner and eastern Sydney, three were in Victoria, and one was in Perth.

The nation's second richest postcode was the town of St Andrews in Victoria, which sits north-east of Melbourne. It's the first time it has made the top 10, and given 655 people fell within the ATO's data there, it's possible the average ($148,967) is pulled up by one wealthy person. The ATO would not confirm this, saying it does not disclose information on individual taxpayers.

The third richest postcode nationally in 2013 was 2023, the eastern Sydney suburb of Bellevue Hill. There were 6945 people who lodged returns in this area, and the average taxable income was $143,112. In fourth place was postcode 6011 in Perth. It took in the suburbs of Cottesloe and Peppermint Grove, where average incomes were about $142,504, and 6610 individuals were included. The fifth was the Melbourne suburbs of Hawksburn and Toorak, which typically makes the top 10, and average income was $142,000.

In Sydney the next richest after Bellevue Hill was postcode 2030, which is another habourside area taking in Dover Heights, HMAS Watson, Rose Bay North, Vaucluse and Watsons Bay. Here the average taxable income was $139,099. This is followed by postcode 2088, which includes northern beach suburbs of Mosman and Spit Junction, where 19,200 people reported and average incomes were $137,647.

Seven of the poorest postcodes in 2013 are in regional NSW, two are in Queensland (4613 and 4626) and one is in Victoria (3637).

The second poorest postcode in the nation is 2359, which takes in Aberdeen, Bakers Creek and Bundarra. Here the average income is $24,742. The third poorest is 2361, taking in villages of Ashford, Atholdwood, Bonshaw, Limestone and Pindaroi. Here the average income is $25,431. 

SOURCE: http://www.canberratimes.com.au/act-news