It’s the headline that has everyone talking:
In 2022–23, 91 Australians earned over $1 million each but paid no tax at all—proof of what expert advice can do, even from a local accountant in Ashfield.
That’s right—according to new data from the Australian Taxation Office (ATO), some of the country’s wealthiest individuals managed to reduce their tax bills to zero using entirely legal strategies.
These 91 millionaires collectively claimed $390 million in deductions, including:
✅ $291 million in tax-deductible donations (an average of $15.4 million per person)
✅ $62.8 million for managing their tax affairs, averaging nearly $690,000 each, just on accounting and legal fees
The ultra-wealthy have access to high-priced tax lawyers. However, most property investors and small business owners in suburbs like Ashfield don’t. Even so, that doesn’t mean you have to pay more tax than you should.
So, what does the ATO data reveal about the rest of us? Let’s explore further.
🔹 Rental Property Owners Are Booming—But Many Are Missing Deductions
In 2022–23, 2.3 million Australians declared rental income.
- 71% owned one property
- 19% owned two properties
- Only 4% owned four properties or more
Interestingly, the median net rental loss was $5,487, while the average was $9,346. That’s thousands of dollars in potential deductions—including interest, repairs, and depreciation—that many landlords unintentionally fail to claim correctly.
More importantly, these are deductions that the ATO allows, yet many go unclaimed simply due to a lack of awareness or professional advice.
🔹 Income Disparities Across Postcodes Are Massive
For instance, Sydney’s eastern suburbs—Darling Point, Edgecliff, Rushcutters Bay, and Point Piper—recorded the highest average taxable income, sitting at over $279,000.
In contrast, areas around Newcastle and UNSW reported average taxable incomes below $21,000, highlighting the stark divide.
Therefore, where you live plays a significant role not only in your lifestyle but also in your financial and tax profile.
🔹 The Highest-Paid Jobs
When it comes to professions, some roles stand out for their high earnings:
- Surgeons: $472,475
- Anaesthetists: $447,193
- Financial dealers: $355,233
These professionals often work with experienced accountants to manage their complex tax situations.
🔹 The Poorest-Paid Jobs
On the other hand, some jobs remain at the bottom of the income scale:
- Personal carers and assistants: $22,533
- Fast food cooks: $22,722
- Hospitality trainees: $25,358
These workers often can’t afford complex tax advice, yet they still deserve support in claiming every deduction legally available to them.
🔹 Work-Related Expenses Are Everywhere
Across the board, 10.3 million Australians claimed a combined $28.3 billion in work-related deductions, averaging $2,739 per person.
Work-related deductions remain one of the most common—and most misunderstood—areas of personal tax.
For example, many people forget to claim home office expenses, professional development, or even car mileage when used for business-related tasks.
💡 Why It Pays to Use a Local Accountant or Tax Agent
Given all this, the conclusion is clear: if you don’t have good tax advice, you’re likely leaving money on the table.
At EndureGo Tax, we witness this every day:
- Landlords forgetting to claim interest and depreciation
- Investors misreporting capital gains
- Overseas owners are paying higher withholding tax because they didn’t get a variation certificate
- Families handling inherited property are unsure how to manage CGT or deceased estate returns
Not only that, but many of these issues could be avoided with the right guidance from the start.
Fortunately, working with a local accountant in Ashfield means you get:
✅ Personalised advice (not generic call centre answers)
✅ Clear strategies to reduce tax legally
✅ A trusted professional who speaks your language
Here’s How We Help You
We don’t believe in cookie-cutter solutions. Instead, we tailor our services to your needs. Here’s how:
✅ Maximise Property Deductions: From negative gearing to depreciation, we ensure you claim every dollar you’re entitled to.
✅ Capital Gains Tax Support: Selling an investment property or inheriting a family home? We calculate your CGT with accuracy and clarity.
✅ Clearance & Variation Certificates: If you’re selling a property over $750,000, we handle the paperwork so you don’t face delays in accessing your funds.
✅ Catch-Up Returns: Missed a few years? We’ll bring you up to date and liaise with the ATO on your behalf.
✅ Support for Overseas Owners: From TFNs to tax returns and vacancy fee compliance, we help you stay on top of your obligations.
✅ Small Business Expertise: Whether you’re based in Ashfield or beyond, we take care of BAS, income tax, and compliance so you can focus on growing your business.
🧾 Don’t Leave Money on the Table
The wealthiest Australians pay nothing because they have expert help. Likewise, you don’t need millions to benefit from smart tax advice—you just need the right team in your corner.
As a result, if you’re looking for a local accountant in Ashfield who takes time to understand your situation, EndureGo Tax is here to make sure you only pay what you should, not a cent more.
📞 Call us today on 1800 841 312 or visit our website to book your free consultation.
EndureGo Tax – Your trusted local accountant Ashfield for simple, smart, stress-free accounting for everyday Australians.
