Male ophthalmologists have the largest taxable income out of all occupations in Australia, outranking all other medical specialities and other high-powered careers in law and finance, according to new data from the Australian Tax Office (ATO).
The new data from the 2019- 2020 financial year shows the average taxable income for a male ophthalmologist was $624,500, with the next closest being male neurosurgeons at $599,000.
The national tax department recently released a detailed breakdown of the average taxable income for each job, revealing how much the average optometrist, orthoptist, optical dispenser, optical mechanic and practice manager takes home each year.
The 2019-2020 data is the latest available, with the average taxable Australian income overall being $63,882. However, the information is limited in nature; for example, it only includes data visible to the tax department and captures annual incomes of all part-time, casual and fulltime workers. For professions where a greater proportion work part-time, this could skew salaries down. Therefore, when comparing across professions or between men and women, it may not necessarily be a like-for-like comparison.
According to the ATO, the average taxable income of 612 Australian ophthalmologists was $521,000. The average taxable income for female eye doctors was $285,600 – $338,000 less than their male counterparts.
Meanwhile, the average taxable income across 4,649 Australian optometrists was $92,800. Male optometrists earned $108,900 on average, while females earned $82,300, a difference of $26,600.
For health practice managers the average taxable income was $76,300 (males $97,600 and females $73,300).
The data also shows orthoptists had an average taxable income of $64,600, comprised of 866 females and 130 males. Male orthoptists generated $76,900 on average and females $62,745.
Optical mechanics earned $60,666 on average (males $63,000 and females $57,000) and optical dispensers $42,900 (males $49,300 and females $41,200).
When men and women are grouped together, ophthalmology was one of only three medical specialties earning more than half a million dollars, with neurosurgeons topping the list with an average of $553,600, ophthalmologists $521,000 and otorhinolaryngologist $502,800.
An analysis of the data also shows that there was a major gap between the total taxable income of ophthalmologists and their salaries, which is perhaps indicative of a tendency to run small-to- medium sized businesses and invest in other areas. For example, the average ophthalmology salary was $161,200, which is $359,800 less than the average taxable income for the profession.
Average taxable incomes
- Neurosurgeon – $553,500
- Ophthalmologist – $521,000
- Otorhinolaryngologist – $502,800
- Plastic and reconstructive surgeons – $475,100
- Cardiologist – $464,243
- Urologist – $442,091
- Orthopaedic specialist – $436,400
- Anaesthetist – $388,800
More reading
Ophthalmologists rank among top earning doctors in latest income data
Supply debate reignites as optometry boasts strong employment rate
