Average super balances fall

Taxation statistics for the 2021-22 financial year revealed the average superannuation balance fell from $170,000 in 2020-21 to $164,000.

The Australian Taxation Office (ATO) released its annual taxation statistics report, showing the total tax revenue collected by the ATO was $530.1 billion for the 2021-22 financial year.

Of that, 50.3% came from individual income tax ($266.7 billion), 24.2% from companies ($128.1 billion), 14.3% from GST ($76 billion), 5.5% from super funds (29.1 billion), 4.3% from excise ($22.6 billion) and 1.5% from other taxes ($7.5 billion).

The average superannuation account balance decreased from $170,000 in 2020-21 to $164,000 in 2021-22, and the median account balance decreased from around $60,000 to just under $58,000.

Net capital gains reported by individuals rose from $36 billion in 2020-21 to $51 billion in 2021-22.

In total, the biggest tax liabilities were from the mining industry (33% of company net tax), followed by financial and insurance services (23.2%).

Yet again, surgeons were the highest paid occupation with 4170 individuals reporting an average taxable income of $460,000.

Those in the finance profession also made the top 10 list, along with those in the legal sector.

The top 10 highest paid occupations were:

1. Surgeon - $460,356
2. Anesthetist - $431,193
3. Financial dealer - $373,733
4. Internal medicine specialist - $340,729
5. Psychiatrist - $276,545
6. Other medical practitioners - $255,754
7. Mining engineer - $214,365
8. Judicial or other legal professionals - $204,934
9. Chief executive or managing director - $197,720
10. Financial investment advisor or manager - $185,834

The top 10 postcodes with the highest taxable income were:

1. Double Bay (NSW) - $354,308
2. Cottesloe, Peppermint Grove (WA) - $295,283
3. Darling Point, Edgecliff, HMAS Rushcutters, Point Piper (NSW) - $269,777
4. Hawksburn, Toorak (VIC) - $266,020
5. Bellevue Hill (NSW) - $245,728
6. Dover Heights, HMAS Watson, Rose Bay, North Vaucluse, Watsons Bay (NSW) - $239,974
7. Portsea (VIC) - $221,867
8. Coasters Retreat, Currawong Beach, Great Mackerel Beach, Palm Beach (NSW) - $216,262
9. Hunters Hill, Woolwich (NSW) - $215,456
10. Woollahra (NSW) - $215,123