ATO reveals highest paid jobs, postcodes

Victoria is home to Australia's highest earning postcode for the first time, according to newly released Australian Taxation Office (ATO) data, as taxable incomes, capital gains and superannuation balances continue to climb.

The ATO's annual Taxation Statistics report for 2023-24 showed postcode 3944, encompassing Portsea on Victoria's Morning Peninsula, recorded the nation's highest average taxable income at $321,988.

The result marks the first time a Victorian postcode has topped the national rankings, ending New South Wales' long-standing dominance.

Melbourne's affluent inner suburbs also featured prominently, with postcode 3142, covering Hawthorn and Toorak, ranking second nationally with an average taxable income of $277,708.

Sydney's traditional wealth enclaves remained well represented, with Bellevue Hill, Vaucluse, Rose Bay, Double Bay and Mosman all appearing in the top 10.

The report found average taxable incomes continued to rise across Australia, while total tax revenue collected by the ATO reached $630.9 billion during 2023-24. Individual income tax remained the largest source of revenue, accounting for $329.5 billion, or just over half of total collections.

Australians' wealth also continued to build through the superannuation system. The average superannuation account balance increased from $173,000 in 2022-23 to $183,000 in 2023-24.

Meanwhile, net capital gains reported by individuals rose to $40.6 billion from $37.8 billion a year earlier, with real estate remaining the largest contributor to capital gains.

The data also confirmed surgeons retained their position as Australia's highest-paid profession for the 15^th consecutive year. The 4280 surgeons who lodged tax returns reported an average taxable income of $519,998 during the financial year.

Work related expenses remained a significant feature of individual returns, with 10.7 million Australians claiming combined $31.6 billion in deductions, representing an average claim of $2,956.

Company tax collections also continued to strengthen, with net tax from companies increasing 3.3% to $145 billion, reflecting ongoing resilience across the corporate sector despite a more challenging economic environment.