Treasurer Joe Hockey has warned that he's going to spread the pain in tonight's Budget – but it turns out that plenty of high rollers won't be feeling any sort of pinch.
The latest statistics released by the ATO show that 680 Australians earning more than $200,000 a year – just above the reported cutoff for the deficit levy – had taxes payable of zero.
Seventy-five of them earned more than $1,000,000 in 2011-12, and every one of them paid zero in tax.
Related: Is this 367,000% tax the worst in the world?
How did these millionaires manage to dodge the taxman?
According to the ATO's statistics, the 75 millionaires' combined taxable income weighed in at just $82 (compared to a combined total income of $195 million).
Forty-five of them claimed a total of $64 million on the cost of managing their tax affairs – advice that looks to have paid off.
Related: ATO working on deal for rich to come clean
These figures lie in stark contrast to the 741,670 Australians with incomes of less than $6,001, who found themselves with $7.69 million in taxes payable.
There has been massive backlash over the planned deficit reduction levy, but it seems that plenty of high-income earners will escape unscathed.
