It’s that time of year again.
With the help of the Australian Taxation Office, we’ve done a roundup of Australia’s richest suburbs based on the postcodes with the highest amounts of taxable income, divided by the number of taxpayers in the area, for the 2012-13 financial year — the most recent data available.
The average annual income of taxpaying residents was more than $130,000, up $20,000 on the previous year’s average.
(Note: Some “suburbs” are actually clustered groups of suburbs in the same area.)
Taking out the richest title for a second year running was one of the most expensive and exclusive areas of Sydney — Darling Point, Edgecliff and Point Piper.
It was the only suburb in the list’s top 10 to retain its position from the previous year.
New entrants in the top 10 included St Andrews in Victoria and Watsons Bay in New South Wales. Sydney’s Vaucluse and Woollahra failed to maintain their reign as front-runners.
After missing the cut in 2011-12, Queensland and the Northern Territory suburbs made an appearance this year, but unsurprisingly, New South Wales and Victoria dominated.
Here are the 25 richest suburbs in Australia, ranked from 25 to 1.
Seaforth is located in the northern beaches of Sydney, 12km north-east of the Sydney CBD.
Surrounded by idyllic water views thanks to its vantage point over Sugarloaf Bay and Middle Harbour, it is a popular area for young families.
As of March 2015, real estate data suggests the average cost of a home in the area is $1,625,000.
According to the ATO, 4,305 taxpayers racked up an average taxable income of $104,871 per annum.
Kooyong, Malvern and Malvern North are suburbs of Melbourne, less than 10km south-east of Melbourne's CBD.
It’s a well-established area with plenty of schools and a bustling retail scene.
The average cost of a home in Malvern, as of March 2015 data, is $1,823,000.
According to the ATO, 7,755 taxpayers racked up an average taxable income of $105,399 per annum.
The Middle Cove, Castlecrag, Willoughby area is on Sydney's lower North Shore, approximately 10km north of the CBD.
Bordered by by Middle Harbour and Eastern Valley Way, this area is considered an ideally located, affluent harbourside location.
Real estate data from March 2015 reveals the average price for a home in this area is $1,490,000.
According to the ATO, 10,295 taxpayers racked up an average taxable income of $106,489 per annum.
Claremont, Claremont North, Karrakatta, Mount Claremont, Swanbourne is a western coastal area of Perth, inhabited mostly by older couples and families.
Many of the homes are grand, renovated Federation-style properties, costing an average $1,450,000, according to March 2015 data.
According to the ATO, 10,885 taxpayers racked up an average taxable income of $107,429 per annum.
This area is on the Upper North Shore of Sydney, approximately 12km north-west of the CBD.
The residential area is bound by the waterways of Middle Harbour and Lane Cove National Park. Characterised by its lush and leafy roadsides, parks, and gardens, properties in this area are considerably higher than Sydney's average -- going for $1,907,500, according to March 2015 data.
According to the ATO, 8,985 taxpayers racked up an average taxable income of $108,702 per annum.
Mosman Park is a western suburb of Perth, approximately 14km from the city.
Bordered by the Indian Ocean and the Swan River, the beautiful waterside residential area is rightly known as 'the town between the river and the sea'.
The average price of a home in the area is $1,450,000, according to March 2015 data.
According to the ATO, 5,700 taxpayers racked up an average taxable income of $108,779 per annum.
Balmain, Birchgrove, Balmain East is an area of inner-west Sydney, approximately 6km west of the CBD on a small peninsula.
With a village lifestyle and quality eateries just a hop, jump and skip from town, it's no wonder Balmain is mostly inhabited by maturing and established residents.
The average price of a house in the area is $1,397,500.
According to the ATO, 10,515 taxpayers racked up an average taxable income of $109,101 per annum.
Milsons Point and Kirribilli are suburbs on the lower North Shore of Sydney, just 3km from the CBD.
Parts of this area jut into Sydney Harbour from the northern side, offering stunning Harbour Bridge views. Despite being one of Sydney's oldest areas, this postcode is lined with lush and leafy streets, multi-storey art deco dwellings and a thriving shopping precinct.
It has two of Sydney's most prestigious private schools in the area -- St. Aloysius College and Loreto Kirribilli.
The average price point for a home in this area is a whopping $3,520,000.
According to the ATO, 4,195 taxpayers racked up an average taxable income of $109,304 per annum.
Double Bay is a harbourside postcode in Sydney's eastern suburbs, approximately 4km east of the CBD.
Colloquially referred to as 'Double Pay' this area is home to high-end fashion boutiques and sophisticated restaurants. The average cost of a home here is around $2,700,000, according to March 2015 figures.
According to the ATO, 3,340 taxpayers racked up an average taxable income of $112,953 per annum.
This picturesque area is just 3km south of Melbourne's CBD. It has quality delis, boutiques, restaurants, bookstores and cafes, not to mention the beautiful Albert Park Lake.
It is also home to the Australian Grand Prix.
The average home in the area goes for an average of $1,481,000, and the most prominent residents are mature-aged independents.
According to the ATO, 6,920 taxpayers racked up an average taxable income of $114,721 per annum.
This is a beachside area of Melbourne, located about 10km south-east of the CBD.
Known for its beautiful stretch of beach with colourful beach boxes, it attracts many established families.
The average price point for a pad in this slice of paradise costs $1,784,500, according to data last updated in March 2015.
According to the ATO, 15,575 taxpayers racked up an average taxable income of $117,468 per annum.
These suburbs are centrally located midway between Darwin and Palmerston's CBD. It is also close to Darwin's International Airport.
We're not quite sure how this area placed so high on the list, but keep in mind because it’s an average, the extremely high-income individuals –- people earning tens of millions or more –- can drive up the numbers significantly.
According to the ATO, 650 taxpayers racked up an average taxable income of $121,138 per annum.
City Beach is a suburb of Perth, just over 10km from the CBD.
Home to some of Perth's most extravagant houses which capitalise on the expansive Indian Ocean views. It has an average price point of approximately $1,664,000.
City Beach has a laid back vibe, beachside restaurants and sprawling parkland to enjoy.
According to the ATO, 4,620 taxpayers racked up an average taxable income of $123,354 per annum.
The City of Nedlands and its surrounds is just under 10km from Perth and stretches from the banks of the Swan River to the edge of the Indian Ocean.
Home to mostly older couples and families, the average price point for a home in the area is approximately $1,600,000.
According to the ATO, 11,710 taxpayers racked up an average taxable income of $124,266 per annum.
Woollahra is in the eastern suburbs of Sydney, located 5km east of the CBD.
With tree-lined streets and three-storey, heritage-listed Victorian mansions in close vicinity to Centennial Park, the residents of Woollahra definitely enjoy the finer things in life.
The average cost of a home here is $1,900,000.
According to the ATO, 5,150 taxpayers racked up an average taxable income of $126,411 per annum.
Northbridge is a suburb on the lower North Shore of Sydney, approximately 7km north of the CBD.
With the historic stone bridge over Tunks Park, Northbridge has many large waterfront houses which overlook Sailors Bay and Middle Harbour on Port Jackson, which go for an average price of around $2,130,000.
According to the ATO, 4,180 taxpayers racked up an average taxable income of $130,801 per annum.
Hunters Hill is a suburb on the North Shore in Sydney, located just less than 10km north-west of the CBD.
From heritage-listed homes to exclusive private schools such as St Josephs and Woolwich, this area is a tight-knit community made up of older couples and established families.
Bordered by the Parramatta River on one side and Lane Cove River on the other, there’s certainly plenty of water views to share.
According to the ATO, 5,880 taxpayers racked up an average taxable income of $132,557 per annum.
This area is on the Lower North Shore of Sydney, less than 10km north-east of the CBD.
Surrounded by coastline, residents are spoiled for choice with many water-based activities such as sailing, rowing and swimming at Balmoral Beach. Alternatively you can stroll around the boardwalk.
The average cost of a house in the area is about $2,605,000.
According to the ATO, 19,200 taxpayers racked up an average taxable income of $137,647 per annum.
Portsea is a resort town located across Port Phillip from Melbourne's CBD.
This area is a popular holiday spot for Melbourne's rich and famous and is considered by many as the hub of Melbourne's scuba diving activities.
The average cost of a home in this area is $1,300,000.
According to the ATO, 400 taxpayers racked up an average taxable income of $138,800 per annum.
Watsons Bay is a harbourside, eastern suburb of Sydney, located 11km north-east of the CBD.
The area is located on the South Head peninsula, just south of The Gap with Sydney Harbour on the west and the Tasman Sea to the east, and is well-known for its multimillion-dollar mansions which average out to around $3,600,000 according to March 2015 data.
According to the ATO, 9,610 taxpayers racked up an average taxable income of $139,099 per annum.
This area of Melbourne is just 5km south-east from the CBD.
Synonymous with wealth and privilege, this area has long had the reputation of being Melbourne's most prestigious.
It is a picturesque area, sprinkled with mansions, glamorous restaurants and boutique shopping. The houses average about $3,000,000.
According to the ATO, 10,100 taxpayers racked up an average taxable income of $142,000 per annum.
Cottesloe and Peppermint Grove are located roughly halfway between Perth's central business district and the port of Fremantle.
Known as the queen of Perth's beach suburbs, the area is architecturally and geographically beautiful with many bars and restaurants around to catch the sunset.
The average price point of homes in this area is around $2 million.
According to the ATO, 6,610 taxpayers racked up an average taxable income of $142,504 per annum.
Bellevue Hill is an eastern suburb of Sydney, located 5km east of the CBD.
With glimpses of the Harbour, city connectivity and only minutes from the best beaches, Bellevue Hill’s residents are among the city's most affluent.
Some of Sydney’s most exclusive schools, such as The Scots College and Cranbrook School, can be found within the suburb’s leafy borders.
According to the ATO, 6,945 taxpayers racked up an average taxable income of $143,112 per annum.
St Andrews is approximately 36km north-east of Melbourne's CBD.
The area, which was devastated by the Black Saturday bushfires just six years ago, is primarily made up of hobby farms and home businesses run by older couples and families.
Much like Berrimah at number 14, this suburb may have been pulled up the ranks by a single wealthy person.
According to the ATO, 655 taxpayers racked up an average taxable income of $148,967 per annum.
This harbourside eastern suburb of Sydney is located just 4km east of the CBD and retains its position as the richest suburb in the country.
With many leafy parks and panoramic views of Sydney Harbour, it is renowned for its desirable and expensive real estate.
According to the ATO, 5,980 taxpayers racked up a combined taxable income of $177,514 per annum, up $7400 on the previous year to $170,114 per annum.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.