The companies that made the most money – and paid the most tax

  • 📰 theage
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 77%

Business News News

Business Business Latest News,Business Business Headlines

Ten companies paid more than $33 billion in corporate income tax in 2020-2021, but more than 30 per cent of the top-earning companies paid none. AustralianTaxationOffice

Australia’s mining companies and banks were the largest corporate taxpayers, with the top ten handing more than $33 billion over to the government in the 2021 financial year.

According to the tax office data, BHP Group , Rio Tinto and Fortescue Metals paid the most corporate income tax in 2020-21. Commonwealth Bank, ANZ and NAB were the largest banking taxpayers, paying $3.1 billion, $1.6 billion and $1.3 billion respectively. Virgin Australia made slightly more than Qantas, at $6 billion, and also reported no taxable income. However, it was a step up for the company, which reported gross earnings of $5.1 billion the previous financial year.

Coles, which made $43.4 billion, reported a taxable income of $1.5 billion and paid 30 per cent of that in income tax. It was slightly below its 2019-2020 revenue of $45.6 billion.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

needs to change

Let’s blame and misdirect everyone’s attention away from corporate welfare and bang on about the unemployed, ppl with a disability, sole parents and marginally employed ppl holding us back. So gaslighted by these corporate leeches and their lobbyists.

You have one job JEChalmers & SenKatyG fix this absolute disgrace. Billions of dollars lost that could be used for services to Australians. End these obscene & deliberate tax rorts. AlboMP Bowenchris SkyNewsAust newscomauHQ abcnews 9NewsAUS 7NewsAustralia 10NewsFirstSyd

Qantas Corporate leeches.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in BUSİNESS

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.

The companies that made the most money – and paid the most taxTen companies paid more than $33 billion in corporate income tax in 2020-2021, but more than 30 per cent of the top-earning companies paid none. rachelclun ColinJKruger The Companies that paid Zero rachelclun ColinJKruger The biggest thief is the American company Apple that pays $193m tax in Australia on $27b . not sure who calculates tax rates for them
Source: smh - 🏆 6. / 80 Read more »

The companies that made the most money – and paid the most taxTen companies paid more than $33 billion in corporate income tax in 2020-2021, but more than 30 per cent of the top-earning companies paid none.
Source: brisbanetimes - 🏆 13. / 67 Read more »