Average super balances fallBY ELIZA BAVIN | TUESDAY, 18 JUN 2024 12:10PMTaxation 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:
The top 10 postcodes with the highest taxable income were:
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