Newtown tops rich list, again

NEWTOWN remains the region’s leading rich-list suburb, according to latest taxation statistics.
The traditionally affluent suburb returned a median income of $62,421 for each of its 10,730 taxable residents, reporting a total income of almost $670 million.
The region’s lowest-income suburb, Norlane/North Shore, had 9445 workers making an average $39,993 each, or $378 million combined.
The widespread postcode of 3221, taking in areas a diverse as Anakie, Barrabool, Batesford, Bellarine, Ceres, Fyansford, Lovely Banks, Moolap and Wallington, came second on the income list with $57,280.
The tightly held township of Barwon Heads had 2800 taxable residents making a total of $155,379,447, representing median earnings of $55,492.
Other well-to-do suburbs included Little River, Torquay and Jan Juc, Queenscliff and Point Lonsdale, and Geelong West.
Other lower-income suburbs included Portarlington, Indented Head and St Leonards, Anglesea, and East Geelong and Newcomb.
Overall, Geelong, Queenscliff and Surf Coast had 136,250 taxpayers generating income of $6.7 billion and returning a median income of $49,480.
The latest edition of the Australian Tax Office (ATO) statistics for the 2012/2013 financial year showed Victoria’s leading postcode as the town of St Andrews, in Melbourne’s north-east, with average income of $148,967.
ATO second commissioner Andrew Mills said the state’s highest earners were surgeons, with an average taxable income of $358,263.
More than 1.2 million Victorians claimed gift and donation deductions of $601 million, an average donation of $190 per Victorian who lodged a tax return in 2012/2013.
“Compiling tax stats is a significant undertaking each year,” Mr Mills said.
“It adds to our picture of the Australian community, showing the spread of taxable income across the country, sources of income and data about business and work-related expenses.”
The statistics cover income tax returns for individuals, companies, superannuation funds, partnerships and trusts.