Shift to residency sees Sydney's Palm Beach top ATO tax payers list

Australia has a new richest postcode, Palm Beach the pricey peninsula playground.

It the first time in seven years that the Sydney Northern Beaches location has dethroned the Point Piper, Edgecliff, Darling Point postcode, according to Australian Taxation Office statistics released late on Thursday.

The 1,279 tax filers in Palm Beach's 2108 postcode reported an average income of $230,330 for 2016/17, while the 6,089 tax filers in Edgecliff's 2027 postcode made an average of $187,769.

Palm Beach's 2108 postcode also includes Scotland Island, Coasters Retreat, Great Mackerel Beach and Currawong Beach.

The rankings reflects the trend in the past few years of owners turning Palm Beach holiday homes into principal residences.

It is not the first time a beach retreat location has ranked at the top of the ATO list as in 2008/09 the postcode 3944 - the Mornington Peninsula suburb of Portsea - was the top-earning postcode, with an average income of $197,987.

WA's 6011 was the richest postcode in Western Australia, with the 6,431 tax filers living in Cottesloe and Peppermint Grove on Perth's western suburbs made an average of $155,264.

In ACT, the 2603 was richest, with 6,650 tax-filers in Forrest, Griffith, Manuka and Red Hill earned an average of $110,394.

In Queensland, 4007 took the top spot, with 9,278 residents of Ascot, Hamilton and Hamilton Central in northeast Brisbane earning an average of $107,478.

South Australia's top postcode was 5061, where 6,587 residents of Hyde Park, Malvern and Unley in inner-southern Adelaide made an average of $93,871.

In the Northern Territory, 885 residents in the mining town of Alyangula - postcode 885 - made an average of $83,343.

Tasmania's top postcode was 7258, where the 571 residents of the Launceston suburbs of Breadalbane, Relbia and White Hills made an average of $68,621.

The lowest-earning postcode was 2308, covering Newcastle University and Callaghan, with an average taxable income of $20,589.

The second-lowest was 4611 in Queensland, where Marshlands and Mondure residents earned an average of $23,225.

Queensland had five of the bottom 10 postcodes, with 4611 recording the second lowest average income nationally of $23,225.

The report also showed that surgeons were once again the top-earning profession, making an average of $394,866.

Anaesthetists came second, earning $367,343 on average.

Out of 1,100 occupations recorded, there were 72 where women made more than men, including authors, future traders, magistrates, pro surfers and illustrators, the ATO statistics showed in 2016/17.

The Herald Sun reported female futures traders in Australia earn nearly 4 per cent more than their male counterparts, with an average income of $315,197.

This year’s stats present an overview of 16.5 million 2017 income tax returns for 13.9 million individuals, 970,000 companies, as well as super funds, partnerships and trusts. 

Australians reported donating $3.5 billion in charitable donations with an average gift size for those who did donate of $770.

The most generous state was Western Australia, with 30 per cent of residents claiming an average deduction of $1190. 

Northern Territory residents recorded the lowest charitable donations, with 34 per cent of residents claiming an average deduction of $405.