SYDNEY — Medical occupations head the list of top earners in Australia, while the richest suburb is Double Bay in Sydney, closely followed by Melbourne’s Toorak.
The latest statistics from the Australian Taxation Office for 2018/19 show medical professionals are four of the top five top earners on average with financial dealers coming in fourth.
The report says that prior to the 2018–19 financial year, the member contribution statement (MCS) was an annual statement that was lodged with us. It reported contributions received for each member account during the financial year and the year-end superannuation account balance.
From 2018 to 19 onwards, for funds that are not self-managed super funds (SMSF), the MCS has been replaced by two types of event-based reporting — the first being the member account attributes service (MAAS) — reports changes to member accounts, and the second being the member account transaction service (MATS) — reports account contributions or balances.
Self Managed Super Funds continue to report Member Contribution Statement information as part of their annual return.
Surgeons on average earn a taxable income of AU$394,303 ($305,398.45), followed by anesthetists on AU$386,065 ($299,015.06) and ‘internal medicine specialists’ on AU$304,752 ($236,036.52).
These careers are followed by financial dealers on AU$275,984 ($213,755.13), then psychiatrists on AU$235,558 ($182,401.98).
When it comes to the richest suburbs by postcode, the average taxable income in Double Bay (postcode 2028) is AU$202,598 ($156,889.87), while in Toorak (3142) it’s AU$201,926 ($156,369.48).
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 (6011) with an average taxable income of AU$179,376 ($138,906.98).
Most Australians do their tax return through a tax agent, with 66.8 percent choosing this method in 2018/19 compared to 32.1 percent who did it themselves through myTax.
The average taxable income was AU$62,549 ($48,446.08), with males earning AU$73,219 ($56,710.31) compared with AU$51,382 ($39,796.90) for females.
The average net tax paid was AU$19,344 ($14,980.57) – AU$23,366 ($18,095.33) by males and AU$14,687 ($11,374.05) by females.
There was also a wide gap between genders for the average superannuation account balances.
The average balance for males was AU$162,275 ($125,655.21) compared with AU$128,068 ($99,167.53) for females. The overall average was AU$143,979 ($111,487.98).
Work-related expenses topped the list of tax deductions in 2018/19 with 8.9 million people receiving an AU$2331 ($1,804.97) rebate, followed by just under six million people receiving an average AU$332 ($257.09) for professional management of their tax affairs.
(Edited by Vaibhav Vishwanath Pawar and Praveen Pramod Tewari)
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