More than 800 large companies paid no tax in 2021-22, Australian Taxation Office reveals

  • 📰 abcnews
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 83%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

More than 800 large companies paid no tax in 2021-22, an Australian Taxation Office (ATO) report reveals. Here's the ATO's full list.

The ATO's ninth corporate tax transparency report, which covers 2,713 corporate entities, found that while the amount of tax collected increased due to skyrocketing mining company profits and higher oil prices, there were still 831 that did not pay a cent of tax.

This was $15.2 billion higher — up 22 per cent — from the previous year, and almost 50 per cent higher than two years ago, the agency said. Since the Tax Avoidance Taskforce was set up by then-treasurer Joe Hockey in 2016, the government had collected $27.7 billion in additional tax revenue from multinational enterprises, and large public and private businesses.

In terms of how much of the $1.5 billion of assessments is in dispute from 2020, it said "$965 million remains in dispute covering 12 different taxpayers". "The fact that an entity pays no income tax, does not necessarily mean that they are not meeting their obligations," Ms Saint said. "The net income tax gap for large corporate groups is about 4.2 per cent or $3 billion in 2020-21," the agency said.There are 11 entities in the 2021-22 PRRT transparency population, with total petroleum resource rent tax payable of almost $2 billion.The number of entities paying PRRT increased from 10 in the previous year, and PRRT payable increased from $926 million.

 

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

 /  🏆 5. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

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

Defence industry: Ghost Shark robot sub circles Australian suppliersAs a major naval expo gets under way in Sydney, local suppliers are being signed up to build Australia’s first robot submarine.
Source: FinancialReview - 🏆 2. / 90 Read more »