The majority of Australia’s highest earners live in Sydney’s eastern suburbs, new figures from the Australian Taxation Office confirm.
New statistics, based on the more than 15 million tax returns filed in the 2020-21 financial year, reveal the average taxable income in Double Bay was $266,381.
The postcode 2030 – encompassing Dover Heights, Rose Bay North, Vaucluse and Watsons Bay – came in second, with an average pre-tax income of $230,597.
A further five Sydney postcodes also appear in the 10, while Perth suburbs Cottesloe and Peppermint Grove, come in third with an average of $229,805; and Melbourne suburbs Hawksburn and Toorak ($222,967) and Portsea ($221,236) round out the list.
The ATO data also revealed the ten postcodes with the lowest earners in the country were in smaller, regional areas in NSW and Queensland.
Six of the postcodes on the list of lowest taxable incomes were in west Queensland, while the four NSW postcodes rounding out that list were in north west NSW – all with a population of less than 216 people.
The tranche of data released by the ATO also reveals medical professionals are making the most money of all Australians, with surgeons earning an average taxable income of more than $457,000 in 2020-21.
Anaesthetists were second on the list, earning about $426,894.
Financial dealers came in third, on average making $341,798 in 2020-21.
On the other end of the spectrum, food and hospitality workers earned the least, with the average taxable income of fast food or short order cooks $21,622. Trekking guides had the lowest taxable income of $10,279.
The ATO’s data suggests the average Australian who paid income tax in 2020-21 earned a taxable income of $68,298.
Men continue to earn a higher taxable income than women, and also have higher superannuation balances.
The median, middle-earning Australian, however, had an income of $50,980 in 2020-21.
The ATO data also reveals that nearly 2.3 million Australians declared rental income in 2020-21, with six per cent of landlords owning three or more properties.
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