Even GPs face financial struggles. What can you do about it?
Doctors enjoy the highest average income of all occupational groups in Australia. Most are in the top 1% of the income population.
The 1% threshold is about $250,000. The average GP easily earns $250,000 a year, even if tax planning hides the real figure a bit, and makes their income appear lower.
Tax on $250,000 is about $86,000, plus a $5000 Medicare levy.
That leaves $159,000 a year, or about $3000 a week, to cover living costs and invest for the future.
How does a family of five — say, mum, dad and three school-age kids — get by on $3000 a