GP incomes dwarfed by other specialists' earnings | Australian Doctor
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GP incomes dwarfed by other specialists' earnings Alice Klein
| 22 March, 2016 |
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GPs scrape into the top 50 highest earners in Australia, but fall well below their specialist and surgical colleagues, according to the Australian Taxation Office (ATO). Male GPs earn an average of $185,000 per year and rank number 48 among all Australian men, while female GPs earn an average of $130,000 and rank number 40 among all Australian women, taxation statistics from 2013/2014 show. Neurosurgeons are the top earners among males, raking in almost $600,000 per year, while judges are the top earners among females, earning about $350,000 per year (see the top 50 list from 2013/2014 below).
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Specialist physicians and surgeons dominate the top 20 spots, occupying 18 of the top 20 male positions and 17 of the top 20 female positions. Related News: • Perils of personal services income • What do specialists charge their poorest patients? Male doctors typically earn about twice as much as their female counterparts, but the statistics do not distinguish between part-time and full-time workers. For example, male and female ophthalmologists earn $550,000 and $220,000 respectively, while male and female cardiologists earn $450,000 and $220,000 respectively.
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Professionals from the legal and finance industries occupy the majority of the non-medical top 50 positions, with cricketers, politicians, engineers and mining managers also getting a look in. Although it is widely believed that tradies earn more than GPs, the ATO statistics reveal that the average income of builders, plumbers and electricians is only about $70,000-$90,000. Meanwhile, some of the lowest earners in 2013/2014 included deer farmers, fruit pickers, hamburger cooks, and bicycle mechanics, who all made less than $20,000. According to the ATO, the statistics do not include some mega-rich earners because their career title was unavailable or they were protected by privacy. The average annual income of these individuals was more than $3 million. Top 50 earners in Australia in 2013/2014 ($): males and females Advertisement
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GP incomes dwarfed by other specialists' earnings | Australian Doctor
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GP incomes dwarfed by other specialists' earnings | Australian Doctor
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The full 2013-14 list of more than 1000 professions, which was published on Friday, can be downloaded from the ATO website. « Previous | Next »
Read more about: Surgery, Personal finance, Remuneration, Specialists
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Cato
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I am genuinely shocked! Shocked that there are neurosurgeons and opthalmologists who have such good tax planning they can get their taxable income down to around half a million dollars. Tricky buggers! In all seriousness though, these figures always mystify me. I know heaps of GPs earning over half a million, some closer to $1m. And I'd be amazed if any of the eye specialists earn under $1m. •
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