Category Archives: LIFESTYLES

Australia’s richest and poorest postcodes shown by tax statistics

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Australia’s richest and poorest postcodes revealed

ATO statistics reveal the country’s poorest and richest postcodes, with some surprises.

Australia’s richest live in harbourside Sydney and earn more than eight times the nation’s poorest, who live in rural NSW, Tax Office statistics show.

The latest Taxation Statistics for 2012-13, based on information people report in their tax returns, again highlights 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. It took the number one spot in 2011-12 as well. In this area, which falls within Communications Minister Malcolm Turnbull’s electorate of Wentworth, the average taxable income was $177,514.

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In the poorest area, postcode 2403 in rural NSW, takes in Myall Creek – the site of the massacre in 1838 where 30 unarmed indigenous Australians were murdered – as well as Delungra and Gragin. Here there were 350 people and the average taxable income was $21,691.

The information, based on the returns of 12.77 million taxpayers, does not account for people in the cash economy or with money sitting in offshore tax havens. But it does take into account tax breaks such as negative gearing when assessing average taxable income.

The data also shows the nation’s highest earning professions. The top 10 included 3570 surgeons with average taxable income of $361,202.

The next highest earning professions were 3015 anaesthetists with average taxable income of $319,033; 7525 “internal medicine specialists” (diagnosing internal disorders) with taxable income of $263,601; 5090 financial dealers with average income of $219,213 and 2645 judicial and other legal professionals with an income of $192,189.

The remaining top 10 included psychiatrists, mining engineers, “other medical practitioners”, chief executives and managing directors and “generalist medical practitioners”.

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

Sydney’s harbourside eastern suburbs have once again topped the list of Australia’s richest postcodes

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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 terms of the poorest postcodes in 2013, seven are in regional NSW, two are in Queensland (4613 and 4626) and one is in Victoria (3637). This is a slight change from 2012, when five of the 10 poorest postcodes were in Victoria.

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.

The ATO has tweaked the way it reports the data, making comparisons with 2012 data difficult, but income levels remain roughly the same, although there has been a slight increase in taxable income in line with inflation.

The most charitable region in the nation was the ACT – with 109,121 people claiming $62.7 million in deductible gifts and donations. The average claimed in ACT per person was $575. Overall $2.3 billion worth of gifts and donations were claimed nationally, with the average claimed per individual totalling $504.

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Henry Sapiecha
ia

AUSTRALIANS CAN STILL LIVE LIKE KINGS IN THESE 5 WORLD HOT SPOTS

5 Global hot spots where you can still live like a king

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Now that the Aussie dollar is slumping back down below 90 US cents, are we doomed to be the world’s poorest tourists once again? Here are five global hot spots where you can still live like royalty.

When the Aussie dollar was above US$1, Australians were living it up overseas. With some crafty planning, you can still get the holiday of your dreams as long as you pick the right destination. Here are five global hot spots where you can live like royalty, as well as some tips for getting the most from your money overseas.

1. Vietnam

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A popular location for digital nomads, Vietnam recently opened its first McDonald’s and got added to the Economist’s Big Mac Index, which compares the cost of a Big Mac burger worldwide – it ranks the Vietnamese dong as heavily undervalued. Not that you’ll want to eat burgers with the foodie delights of Hoi An on offer, or the French patisseries in Hanoi.

2. India

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Bottom of the Big Mac Index at US$1.54 burger with the rupee considered highly undervalued, India’s vast population makes labour cheap, bringing tourism costs down.  Food, travel and accommodation are all super affordable and everyone should see the Taj Mahal in their lifetime.

3. Japan

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Japan was listed as the top emerging destination for Australian tourists on the Expedia foreign exchange index, which ranks destinations whose currencies fell furthest against the AUD over the past year. With the Aussie dollar stretching further in Japan than it does back home, enjoy skiing, cherry blossom season, or get lost in translation in Tokyo.

4. Indonesia

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Right on Australia’s doorstep, which brings international flight costs down, your Australian dollar will still go a long way here. The Indonesian rupiah has languished ever since the 1997-98 Asian financial crisis, and was ranked fourth in the world by the Expedia foreign exchange index. If you’re bored of Bali, check out the Sumatran tiger or Java’s amazing surf.

5. Greece

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If it’s a European getaway you’re after, the Greek islands should be high on your agenda. Still suffering the after effects of the global financial crisis, Greece offers good value for tourists wanting a luxury island getaway. Visit spectacular Santorini and relax at a hilltop resort, or gawk at the Acropolis in Athens. Greece topped Lonely Planet’s best value European destinations in 2013 and there’s never been a better time to island hop.

Top tips for maximising your holiday money

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Be prepared

Foreign exchange fees can be high, meaning you’ll get far less than the official interbank rate when you buy foreign currency. Airport booths are notoriously bad value, so if you want to take some local cash with you, buy it before you go.

Watch out for fees

Once you’re there, make sure you’re using the right credit card or you could get slugged with hefty transaction fees. Look for a specialist travel-oriented credit card with no currency conversion fees or any international transaction fees on purchases.

Protect yourself

Do all you can to avoid theft and loss. Keeping all your money in one place – in cash – is a huge mistake. Use plastic as often as you can. You can also get purchase protection insurance. Make sure your card has a 24/7 service centre so you can cancel it immediately if the worst does happen.

Once you have your money sorted out, keep costs down further by going local. Fancy hotels and high-end restaurants are a money drain in any destination. Go self-catering, find eateries that locals frequent or eat street food. You’ll get a much more authentic experience, and probably better food, for a fraction of the price.

Henry Sapiecha

Sourced from art of money

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