Mining giants and banks coughed up the most tax in 2021-22, but more than 800 companies paid nothing at all, according to the Australian Taxation Office.
The report found the amount of tax collected increased due to rising mining profits and higher oil prices, but 831 companies did not pay any tax. “Tax is paid on profit, not gross income. Even entities with large revenue streams may not make a profit for a variety of reasons. In total, companies paid a record $83.8bn in income tax – up 22 per cent from the previous year and almost 50 per cent higher than two years ago.“The 2022 income year was the first year that the mining sector paid more tax than all other sectors combined – something we haven’t seen in the history of the CTT report,” she said.
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