New stats show 102 Australians with incomes exceeding $1 million each paid no tax, according to data from the Australian Taxation Office (ATO). 

The latest stats for financial year 2021-22 shows a significant increase from the 66 millionaires who paid no tax the previous year.

Analysis reveals that these individuals averaged $3.8 million in earnings, and collectively claimed $279 million in deductions to reduce their tax liabilities to zero.

A substantial portion of these deductions, totalling $240 million, were donations to tax-deductible charities. Additionally, they claimed an average of $201,000 each for expenses related to managing their tax affairs.

Experts say that the federal government could increase revenue by closing tax loopholes and reducing tax concessions. 

The ATO data also highlights rental income trends, with 2.3 million Australians declaring rental income in 2021-22. Of these, 71 per cent owned just one investment property. 

The overall net rental income for this period was $6 billion, nearly doubling from $3.2 billion the previous year. 

Despite this increase, approximately 950,000 landlords reported net rental losses, which are anticipated to rise as interest rates began increasing in May 2022.

The ATO figures reveal significant income disparities across different postcodes and occupations. 

Double Bay in Sydney recorded the highest average taxable income at $354,308. Western Australia's Cottesloe and Peppermint Grove followed, with an average income of $295,283. 

Conversely, some of the lowest average incomes were found in areas associated with university students, such as the University of Newcastle (postcode 2308) and the University of NSW (postcode 2052), where the average taxable income was around $20,880.

Surgeons were the highest earners by occupation, with an average income of $460,356, followed by anaesthetists at $431,193. 

On the lower end, care workers and drivers earned average incomes of $13,094 and $10,109 respectively.

The ATO collected a total tax revenue of $530.1 billion in 2021–22. Individual income tax contributed 50.3 per cent of this total, amounting to $266.7 billion. 

Corporate tax contributed 24.2 per cent, GST accounted for 14.3 per cent, and other taxes such as super funds, excise, and luxury car tax made up the remainder.