Top-taxed teens contribute $45.3m
A single Australian teenage taxpayer contributed over $500,000 to government coffers in 2013/14.
While many of Australia’s largest companies pay zero tax, Australian teenagers are putting in millions.
Reports say the 10 highest-earning Australian teenagers contributed $2.6 million to public funds in the 2013/14 financial year, ten of which paid more than $100,000 in tax.
Over 1 million Australians under 18 had a tax file number in 2013/14, but just 113,389 lodged tax returns. Only 15,302 teens earned enough to pay tax.
All up, the Government collected $45.3 million from teenagers.
The ATO data obtained by media outlets this week revealed ACT teenagers paid the most tax per person, while South Australians paid the least.
New South Wales had the highest number of tax-paying teenagers, while the Northern Territory had the least.
NT teens appear to have some of the smallest tax bills, but they also managed some of the highest average incomes.
South Australian teenagers earned about $3,000 less on average than their northern neighbours.
Only about half of Australian teenagers liable to pay tax claimed any deductions, which can include work car expenses, self-education costs and uniform costs.
Northern Territory teenagers were the most prolific in claiming deductions, with three-quarters writing off some part of their expenses.
Tasmanian teenagers made the highest average deductions of $1,567 per person.
The stats show over 200 teenage taxpayers already have a HELP debt for higher education fees, which are paid back once the debtor earns more than about $54,000 a year.
Victorian teenagers took out the highest average HELP debt, owing about $18,500.
Because Queensland students finish high school at 17, and so has the highest number of young taxpayers with HELP debt.
There were no HELP debts declared by teenagers in the Northern Territory.
The stats also show that young Australians are either not inclined to donate to charity, or do not declare it when they do.
Teenagers are by far the most charitable on average, making average gift amounts twice as high as every other state.