The Taxman's Rich List: Deductions of the Top 10

Q: What is the highest-paying job in Australia according to the ATO? A: According to the latest data from the Australian Taxation Office (ATO), Surgeons are the highest-paying job in Australia, with an average taxable income of approximately $472,000. Q: What are the top 10 highest-paying jobs in Australia? A: The top 10 highest-paying jobs are: - Surgeons - Anaesthetists - Financial Dealers - Internal Medicine - Specialists - Psychiatrists - Other Medical - Practitioners (including GPs) - Mining Engineers - Judicial or other Legal - Professionals - Chief Executives or - Managing Directors - Financial Investment - Advisors or Managers Q: Can a surgeon claim their lead-lined aprons as a tax deduction? A: Yes. A lead-lined apron is considered critical protective equipment to shield a surgeon from radiation exposure during procedures. Its cost, including maintenance, is a deductible work-related expense. Q: Is a smartwatch a tax-deductible expense for an anaesthetist? A: Yes, a portion of the cost can be. An anaesthetist relies on precise timing and rapid calculations. If they use a smartwatch for work-specific functions like drug dosage calculators, timers, or receiving critical patient alerts, the work-related portion of the device's cost is deductible as a tool of the trade. Q: Can a psychiatrist claim deductions for artwork or furniture in their office? A: Yes. Creating a specific therapeutic and calming environment is a direct part of a psychiatrist's service. High-quality artwork or specific furniture is not just decoration but a tool used to create the required ambiance for therapy, making it a depreciable asset for the practice. Q: What is an unusual tax deduction for a barrister or legal professional? A: For barristers, a major and essential tax deduction is their "door fees" or chamber fees. Barristers often operate as sole traders and must pay substantial fees to rent their room (chambers) and access shared clerk and library services, which is a direct cost of running their practice. Q: Can a CEO claim public speaking coaching as a tax deduction? A: Yes. A CEO's ability to represent the company, speak to the media, and present to shareholders is a critical part of their role. The cost of personal brand or public speaking coaching to maintain or improve these specific skills for their current role is a valid self-education expense.