ATO Data Reveals Income Insights: Surgeons Top Earners, Rental Income Hits $6 Billion

Recent data released by the Australian Taxation Office (ATO) has shed light on income disparities and financial trends across Australia for the fiscal year 2021-22. The report indicates that over 100 Australians earned a total income of $1 million or more during this period, with residents of Double Bay identified as the highest earners.

Among the high-earning individuals, many claimed significant tax deductions, including expenses related to charitable donations and managing their tax affairs. This reflects a strategic approach to optimizing tax liabilities among Australia’s wealthiest taxpayers.

The data also revealed insights into rental income, totaling $6 billion for the year, showcasing varying levels of profitability and losses among landlords nationwide. Surgeons emerged as one of the top-earning occupations, while care workers and drivers were among the lowest-paid professions.

On average, Australians reported a taxable income of $72,327 for the year, with notable disparities observed across genders and income brackets. These figures underscore the economic diversity and financial dynamics within Australia’s workforce.