If you know someone who lives in Park Orchards, an up-and-coming postcode in Melbourne's outer-east, get them to refer you on to their accountant.
The latest tax data shows that a good chunk of the 2500 or so taxpayers who are based there know how to maximise their tax deductions.
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Government's new housing battle
The Treasurer's idea to allow first homebuyers to access their super to get into the market, has been criticised from all sides, including within the Coalition.
In 2014/15, the average Park Orchards resident was able to claim about $24,000 in tax deductions, higher than those in almost any other postcode.
The only postcode where people deducted more on average was Portsea, but because Portsea is a much less-populated region home to some of the country's richest, the average doesn't hold as much weight here.
Park Orchards is certainly quite an affluent area, so a high deduction would be expected. It ranks in at number 22 among Victorian postcodes for average taxable income, which puts it well below the inner-eastern suburbs of Toorak and Canterbury, but enough to make it stand out in the outer-east.
They stick out quite nicely on this map of average taxable income:
People in these areas earn a lot of money and pay a lot of tax, so of course they would also have a high tax deduction.
But when you compare the amount that people in Park Orchards deduct from their tax on average against the amount that they earn on average, that's when you notice something impressive; the people in this postcode appear to have managed to claim a very high proportion of their income on tax deductions.
It would take a deeper dive of the Australian Taxation Office's data, which was released on Wednesday, to really unlock their secrets, but one would suspect negatively-geared properties must play a part.
And in an aspirational postcode like Park Orchards, that has not quite yet hit the big leagues, there are surely a lot of landlords eyeing up some tasty investment opportunities.
The data also shows the postcodes with the highest rental losses.
These losses on rental properties were the largest in a number of Queensland towns, including Mackay, Hay Point and Gladstone.
In Melbourne, the suburbs where home owners declared the biggest rental losses were in the city's outer-west and included Point Cook, Derrimut and Tarneit.
- with Clay Lucas
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