ATO reveals how much tax the rich pay
New data from the Australian Taxation Office (ATO) has revealed exactly how much money those in the highest tax bracket have forked out in taxes.
Despite assumptions that the rich pay little tax, the data actually tells us a different story.
According to the ATO’s Taxation Statistics 2019-20, 31.6 per cent of all tax collected comes from those earning $180,001 or more.
Also read: ATO lends helping hand to Aussies earning under $60,000
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Interestingly, those in the top tax bracket only make up around 3.6 per cent of all taxpayers.
So, 3.6 per cent of Aussies account for more than 31 per cent of tax revenue.
The majority of tax revenue comes from those earning $90,001-$180,000 - which makes up 36.8 per cent of tax paid.
However, only 16.5 per cent of the number of taxpayers fall into this category.
The majority of Aussies (41.5 per cent) fall into the $37,001-$90,000 tax bracket and account for 29.8 per cent of the taxes paid.
Highest-paid Aussies
The ATO also revealed which professions paid the most.
Surgeons took out the top spot yet again - a position they have held since at least 2010.
Surgeons are raking in around $406,068 per year on average - up from $394,000 in the previous financial year.
By comparison, the average Aussie earns around $69,400 a year in taxable income.
Here are the top 10 highest-paid professions in the country.
And there is a good chance many of these professionals live in New South Wales, which dominated the list for the wealthiest suburbs.
NSW takes out seven of the top 10 wealthiest postcodes, but it was a Western Australian suburb that took out this year's number one spot.
Here are the top 10 wealthiest postcodes in the country.
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