Of 3,985 entities that lodged tax returns in 2022–23, the ATO's tax transparency report found 31 per cent did not pay tax.
The report attributes no tax being paid to various reasons, including companies making an accounting loss or claiming tax offsets that reduced their tax bill to zero. The bulk of the liabilities was raised against 24 different taxpayers following audit and review activities. "I think it is good that globally, there's consensus to move to a global minimum tax rate of 15 per cent," she said."So, whilst we might see some reduced appetite for this type of behaviour, we're still expecting that it's going to be a key risk that we're going to need to monitor and to take appropriate action.
It is the first year that data for Australian-owned private entities with total income between $100 million to $200 million is being reported, which is why there's now close to 4,000 entities included in the report.WiseTech is not the only publicly-listed company to face allegations of bad behaviour. What's the role of boards?
Entities may exit the population because they restructured or joined a tax consolidated group, reported income below the transparency thresholds, hadn't yet lodged or had lodged a company tax return or weren't required to lodge a company tax return due to deregistration.
"However, consistent with recent years the significant increase in tax came from the mining sector, this year with the oil and gas and coal sectors showing significant increases in tax contribution," she said.
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Source: FinancialReview - 🏆 2. / 90 Read more »