Almost 800 companies paid no tax in 2020-21, Australian Taxation Office report reveals

The companies being audited fell across different industries, she said, but the ATO had specialist teams to deal with energy and resources sectors, particularly oil and gas companies, and in hard rock mining.However, Ms Saint said, the ATO was still seeing some companies attempting to shift income into low-tax jurisdictions.

Ms Saint said that, post the Chevron tax win, the ATO had been able to eliminate more than $40 billion of debt deductions from the system. It allows the ATO to hit companies it deems to be engaging in "contrived arrangements" with a 40 per cent tax on all profits.The first Diverted Profits Tax case has been raised against PepsiCo, which is appealing the assessments in court.

"Once a taxpayer receives a DPT assessment, they have 12 months [in] which they can make a submission to our general anti avoidance panel, and they can contest … as part of that process," Ms Saint said.

Looks like 800 companies didn't make a profit then.

Did Albo say he was going to fix this? Did he lie again?

$10 says they were liberal party donors

Fucking Tax Shit

Wow, so many corporate shills out in force today. Word of advice, when licking corporate boot, its not a good idea to deep-throat the boot. Just sayin'.

Fcukers!

DefundABC

This is what bringing forward losses looks like.

Imagine if ScottMorrisonMP was still Crime Minister, the number of Australian businesses rorting Australian’s would probably be higher. Businesses should not be able to appeal at taxpayers expense if they’re not paying tax. EndTaxAvoidance

The leaders never pay tax, and how they affording 10 Million dollar mansions during lockdowns like vic leader? China payouts

Says the ABC taxpayer funded slush fund leftist media whiners

Did Simon holmes-a-twat and Allegra (i lover to) Spenda (mommies money) make the list?

Yep & u wonder why a country of only 25m people with some of the largest deposits of resources in the world is broke. Yet what is the solution reduce wages, increase profits via inflation & int rates & then dont pay same int rates to deposits used by rba pilferers abcnews

Why do *I* pay more tax than BHP, Glencore, Bluescope Steel, Alcoa, Woodside, Transurban, Santos, AGL, RACQ, Holcim, Elders, Wilson Parking, Downer, Penguin Random House, SAP, Citrix...to name just a few. Seriously, tax the multinationals WAY MORE

So JEChalmers ALeighMP these poor people, unable to make a profit! When is it time for you to do them a favour and take these stranded assets off their hands? If they make nothing then surely they're worth nothing and you can nationalise them for free?

Change law. Back pay. Fine.

Or another way to interpret the facts: That’s stage 3 tax cuts paid for….

Click the article Click on the “journalists” name You can see her recent work…. - it’s largely business bashing Click her Twitter link… it’s all about Iran. Nothing about business. This is the National Broadcasters “business and economics” journalist. The ABC are garbage

Not Happy ? we normal people are struggle in after TAX Woe and this happens

It just shows what an imbalanced/broken taxation system we are all under with the continued exacerbation of wealth distribution inequality continuing .Meanwhile the tax that could be collected and improve services goes unanswered

Jail time

So what? If they made a profit and didn't pay tax the ATO will chase it up. The article also mentions over 1600 companies did pay tax, thanks to those companies. 👍

Are these the same ones that paid no to very little the years before How much extraction in cash & or kind was involved.

Creative accountancy?

Be nice if families could consider their wage income same as business'. How about we claim the cost of electricity,rates,car depreciation and repairs,petrol for getting to work etc.But then the Tax collection business would collapse.

Maybe AlboMP will come through for them with the stage 3 tax cuts to help the poor buggers out.

You didn't name them all. How many are Solar/wind energy producers, or heavily invested into Solar/Wind energy? Be honest when casting the brush...

Did they break any laws

So, companies followed the Tax code and due to no profits or carried foward losees they did not have a tax liability in 2020-21. What is the point of this article?

But every peasant did! Fair?

But we have to consider the impact of these industrial laws on companies and business. They don’t consider the worker when raking in multimillion $ profits.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

‘We apply intense scrutiny to companies that don’t pay tax’: ATOATO Public Groups Deputy Commissioner Rebecca Saint says the community can be “confident” that “we apply intense scrutiny to companies that don’t pay tax”. The Australian Taxation Office reported the amount of tax paid by large corporate companies was $68.6 billion from the period 2020-2021. “Our coverage of this population, we estimate we’ve reviewed about 90 per cent of the corporate groups in this report and we focus very strongly on those entities that don’t pay tax and seek to understand the reasons why it is and ensure that it is due to genuine commercial reasons,” Ms Saint told Sky News Business Editor Ross Greenwood. Sure you do… Like Scientology ?
Source: SkyNewsAust - 🏆 7. / 78 Read more »