New data has revealed Australia’s highest paying professions and the country’s richest suburbs.
The Australian Taxation Office’s (ATO) latest taxation statistics are based on the tax returns of 14.7 million Australians for 2018-19.
The ATO figures show a majority of the nation’s highest-earning postcodes were in Sydney.
Glitzy harbourside suburb Double Bay took out top spot, with resident taxpayers earning about $202,541 on average.
It was closely followed by workers in Toorak and Hawksburn, in Melbourne, at $201,926.
Those figures were more than double Australia’s average full-time salary of $89,000, or about $1712 a week, according to the Australian Bureau of Statistics.
Overall, among the top 10 suburbs, seven are in New South Wales, two in Victoria, while in the seventh position is Western Australia’s Cottesloe with an average taxable income of $179,376.
Australia’s top postcodes
- Double Bay, Sydney – $202,541
- Toorak + Hawksburn, Melbourne – $201,926
- Darling Point + Point Piper, Sydney – $199,813
- Dover Heights + Vaucluse, Sydney – $197,886
- Woollahra, Sydney – $183,418
- Cottesloe + Peppermint Grove, Perth – $179,376
- Portsea, Victoria – $175,356
- Bellevue Hill, Sydney – $173,278
- Mosman, Sydney – $171,135
- Northbridge, Sydney – $168,891
Those living in regional New South Wales and regional Queensland were among the nation’s lowest average income earners.
Millionaires who paid no tax
Not only has the latest ATO data list the richest and poorest suburbs in Australia, but it also revealed that a whopping sixty-six millionaires paid no tax in the 2018-19 financial year
In 2018-19 there were 15,385 people who had a total income of over $1 million – which is just over 0.1% of the 14.68m Australians who earned an income that same year, up from 14,909 the year before.
Of those millionaires, 15,303 paid an average of 44% tax on their $35.08 billion total taxable income.
Shockingly, the remaining 55 paid nothing.
Forty-five of those millionaires were able to reduce their taxable income down to below the tax-free threshold of $18,200.
The other 10 were able to reduce their taxable income low enough that, when combined with other measures, they paid no net tax at all.
So how did they do it?
Mainly via gifts and donations.
Of the tax-paying millionaires, 8,514 donated an average $165,789 million each, totaling around $14 billion for an average of $165,789.
But 21 of the no tax-paying millionaires donated an average of $10.099 million.
The 11 millionaires who were able to get their taxable income below $6,000, donated a total of $158 million.
When it comes to Australia’s highest paying professions, the ATO data showed that those working in some parts of the medical field easily rake in the most cash.
Surgeons on average earn a taxable income of $394,303, followed by anesthetists on $386,065 and ‘internal medicine specialists’ at $304,752.
These careers are followed by financial dealers on $275,984, then psychiatrists on $235,558.
Hospitality workers and cleaners represented occupations with the lowest average taxable incomes.
Australia’s top earning jobs
- Surgeon – $394,303
- Anaesthetist – $386,065
- Internal Medicine Specialist – $304,752
- Financial Dealer – $275,984
- Psychiatrist – $235,558
- Other Medical Practitioners – $222,933
- Judicial or Legal Professionals – $188,798
- Mining Engineer – $184,507
- CEO or Managing Director – $164,896
- Engineering Manager – $159,940
In contrast, Seek’s Employment Report shows the highest paying jobs that are actually in demand.
Information & Communication Technology (ICT) workers don’t rate a mention on the ATO’s top 10 but they do dominate roles advertised on jobs website Seek.
Data on the average annual packaged salaries of full-time roles listed on Seek revealed ICT architects were the highest-paid jobs advertised between May 2020 and April 2021.
ICT architects analyse and design IT solutions for businesses and they had an average advertised salary of $147,735. Their wages were also up 4 percent from the same period the year before.
This was followed by managers in the mining, resources and energy industry on $139,322, and ICT managers on $137,984.
However, the jobs varied between states, although most states had ICT architects as their top job or one of the top three.