The big four banks, miners and supermarket giants are driving the Morrison government's return to surplus, paying $26 billion in tax last year on the back of rising profits and increased compliance.
The big four banks were once again among Australia's largest taxpayers. The Commonwealth Bank paid $4.3 billion in tax, with Westpac adding $3.25 billion to public coffers. Both had tax rates at 30 per cent. AMP, which was embroiled in scandal during the banking royal commission, paid an effective tax rate of 11 per cent after carrying forward losses of $344 million in 2016.An AMP spokesman said its insurance and superannuation businesses were subject to different tax rates.BHP paid $3.
Lendlease had $9.5 billion in income, of which just $69.2 million was taxable. No income tax was paid. Similarly, Transurban reported $2.9 billion in income, of which $112.1 million was taxable income.A tax crackdown on tech giants netted a boost for the Tax Office. Facebook, Microsoft and Apple all paid a 30 per cent tax rate on more than $666 million in taxable income after earlier being embroiled in disputes with the ATO.
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