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Daily Mail
2 hours ago
- Business
- Daily Mail
Revealed: What are the highest paid Aussie jobs and where the big earners live
Surgeons have once again ranked as Australia's top-paid professionals, as the country's wealthiest jobs and postcodes are revealed. On Friday, the Australian Taxation Office (ATO) released its annual report, breaking down the country's wealth trends for the 2022-23 financial year. Australia's 4,247 surgeons earned an average taxable income of $472,475 over the year, retaining the top spot for the 12th consecutive year since reporting began. In line with last year, they took home roughly six times more than the average Australian who earned $74,240 over the same period. Anaesthetists ranked in second place, earning $447,193. In third position came financial dealers, the top non-medical role, whose 5,147-strong cohort earned an average of $355,233. The order of the top-10 paying roles was unchanged compared with last year. Average incomes increased for all 10 roles except for financial dealers, mining engineers and CEOs and managing directors, which all went backwards. Medical professionals accounted for the next three most lucrative professions, namely: internal medicine specialists ($342,457), psychiatrists ($286,146) and other medical practitioners ($259,802). Mining engineers placed seventh with an average income of $206,423 followed by judicial and legal professionals on $206,408. CEOs and managing directors ranked ninth with $194,987 followed by financial investment advisors/managers who rounded out the top-10 at $191,986. The report also broke down the country's top 10 postcodes by average taxable incomes, with New South Wales dominating the list. Seven of the top-10 earning postcodes were in NSW, with the top three all in Sydney's eastern suburbs. Australia's top-earning postcode was 2027 which consists of Darling Point, Edgecliff, HMAS Rushcutters and Point Piper with an average income of $279,712. For a comparison, if every taxpayer in those suburbs was employed as a psychiatrist, the average income would have been only $7,000 higher. According to the median house price in Point Piper is more than $4million, whose Wolseley Road boasted a median house price of nearly $45million last year according to Ray White. The neighbouring suburb of Double Bay placed second with an average income of $255,901, followed by Woollahra at $242,267. Victoria's 3142 postcode, representing Hawksburn and Toorak placed fourth with an average income of $241,511. It was one of two mentions for the Garden State whose seaside Mornington Peninsula suburb of Portsea came in at seventh place with $222,254. The rest went to NSW with the exception of 6011 in Western Australia representing Cottesloe and Peppermint Grove with an average income of $213,621 in ninth. The remaining NSW postcodes were 2030 which ranked fourth at $263,750 (Dover Heights, HMAS Watson, Rose Bay North, Vaucluse and Watsons Bay), 2108 at $223,433 (Coasters Retreat, Currawong Beach, Great Mackerel Beach and Palm Beach) Bellevue Hills at $216,363 and 2110 at $208,902 (Hunters Hill and Woolwich). The ATO's total tax take in the 2022-23 financial year was $577.4billion, up from $530.1 billion the previous financial year. Just over half the revenues came from individual incomes (about $298billion) while roughly a quarter came from companies (about $140billion). GST contributed 14.2 per cent of the country's tax revenues while excise accounted for 4.4 per cent. Work-related expenses accounted for half the total deductions claimed by individuals while the average super account balance increased from $164,000 to $173,000.
News.com.au
13 hours ago
- Business
- News.com.au
ATO data reveals the top 10 richest professions in Australia
Surgeons are the highest paid professionals in Australia, according to new data from the Australian Taxation Office. On Friday, the Australian Taxation Office released data from 2022-23 financial year breaking down what the wealthiest Australians do for a living. 'Since reporting started in 2010–11, surgeons have remained the highest paid occupation with the 4,247 individuals reporting an average taxable income of $472,475 in 2022–23,' the report read. Anaesthetist and financial dealer were in second and third place with $447,193 and $355,233 respectively. This was followed by internal medicine specialist in fourth with $342,457 and psychiatrist with $288,146. Here are the top 10 highest paid jobs in Australia: 1. Surgeon – $472,475 2. Anaesthetist – $447,193 3. Financial dealer – $355,233 4. Internal medicine specialist – $342,457 5. Psychiatrist – $288,146. 6. Other medical practitioners – $259,802 7. Mining engineer – $206,408 8. Judicial or other legal professionals – $206,408 9. CEO or managing director – $194,987 10. Financial investment adviser – $191,986 The ATO has also revealed Australia's richest postcodes. NSW dominates the list, with seven from the top ten located in the state. The postcode '2027' takes out the number one spot with the areas of Point Piper, Darling Point, Edgecliff and HMAS Rushcutters in Sydney's east. The postcode boasted an average taxable income of $279,712 among 5,841 inhabitants. This was followed by Double Bay (postcode 2028) and Woollahra (postcode 2025) in second and third place with $255,901 and $242,267 respectively, both in Sydney's eastern suburbs. The only two Victorian postcodes to make the list were the Hawksburn/ Toorak area in fourth with $241,511 and Portsea in seventh with $222,254. Top 10 wealthiest postcodes in Australia: 1. '2027' NSW: Darling Point, Edgecliff, HMAS Rushcutters, Point Piper – $279,712 2. '2028' NSW: Double Bay – $255,901 3. '2025' NSW: Woollahra – $242,267 4. '3142' Vic: Hawksburn, Toorak – $241,511 5. '2030' NSW: Dover Heights, Rose Bay North, Vaucluse, Watsons Bay – $236,750 6. '2108' NSW: Coasters Retreat, Palm Beach, Currawong Beach – $233,344 7. '3844' Vic: Portsea – $222,254 8. '2023' NSW: Bellevue Hill – $216,383 9. '6011' WA: Cottesloe, Peppermint Grove – $213,621 10. '2110' NSW: Hunters Hills, Woolwich – $208,902
Yahoo
2 days ago
- Business
- Yahoo
ATO reveals 10 highest paying jobs in Australia: ‘$472,475 a year'
The Australian Taxation Office (ATO) has revealed the highest paying jobs in Australia, with the top job raking in more than $470,000 per year on average. The list is based on the tax return data of millions of Aussies and gives a sneak peek into the huge incomes some professions are banking. Surgeons have retained the top spot, earning an average of $472,475 a year. There are only 4,247 surgeons in the country. For context, that means they are earning more than six times the average taxable income of $74,240 over the same period. Medical professionals dominated the list, with anaesthetists taking second place with average earnings of $447,193. There are just 3,658 workers across the country. RELATED Tradie apprentice shocks with $100,000 salary as she reveals reality of lucrative job Centrelink $836 cash boost for 'very real' truth facing thousands of Aussies ATO issues July 1 warning to Aussies waiting on $1,500 tax refunds Financial dealers were the highest-paid non-medical role, earning an average of $355,233 a year based on 5,147 people in the profession. Financial dealers conduct financial market transactions on behalf of clients and include stockbrokers. The highest-paying job with the most people was chief executive officers and managing directors. There were a whopping 231,103 people in this job, earning an average of $194,987 a year. The ATO data, released today, is based on tax returns from the 2022-23 financial year. The list of highest paying jobs has stayed the same over previous income years, but notably, incomes have gone up for most professions. Here are the top 10 highest-paid jobs and how much their incomes have increased since the previous year's tax statistics. Surgeon $472,475 (up $12,119) Anaesthetists $447,193 (up $16,000) Financial dealer $355,233 (down $18,500) Internal medicine specialist $342,457 (up $1,728) Psychiatrist $286,146 (up $9,601) Other medical practitioners $259,802 (up $4,048) Mining engineer $206,423 (down $7,942) Judicial or other legal professional $206,408 (up $1,474) Chief executive officer or managing director $194,987 (down $2,733) Financial investment advisor or manager $191,986 (up $6,152) The fresh ATO data also revealed the average Australian income was $74,240 a year. This was up from $72,327 a year. The median income, which is the middle point, was $55,868 for the 2022-23 income tax. This was up from $53,041 per year from the year prior. It's worth bearing in mind that more up-to-date earnings data have been released by the Australian Bureau of Statistics. It found average weekly ordinary time earnings for full-time adults had increased 4.6 per cent annually to $1,975.80 in November 2024. That works out to $102,741.60 a year. The ATO data found the majority of Australians (44.9 per cent) fall into the $45,001 to $120,000 tax bracket. Only 5.3 per cent of the population fall into the $180,001 and over bracket, but are responsible for 37 per cent of net tax. The average superannuation account balance increased to $172,834, up from $164,126. While the median went up to $60,037, up from $57, in to access your portfolio
