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ATO data shows 66 millionaires paid no income tax in 2020-21, with eastern Sydney postcodes home to the richest people

Sixty-six people earned more than $1 million and paid no income tax in 2020-21, while the majority of Australia’s highest earners reside in Sydney’s eastern suburbs, according to newly released figures by the Australian Taxation Office (ATO).

The ATO’s statistics are based on the tax returns of more than 15 million Australians in the 2020-21 financial year.

Analysis of the data by the Australia Institute shows there were 66 people who earned well in excess of $1 million, earning an average of $14.5 million.

Comparatively, the 2019-20 financial year saw 60 people pay no income tax, earning an average of $3.5 million each.

Using a tax agent to manage tax affairs is an…

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