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The companies paying the most tax in Australia

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Miners and the big banks have topped the annual Tax Office corporate income tax leaderboard for another year, but record pandemic spending produced surprise results.

Australia’s biggest resources companies were responsible for nearly a third of the entire corporate income tax take last financial year, with BHP, Rio Tinto, Fortescue andpaying more than $28.5 billion to the Australian Taxation Office.

the Albanese government looks increasingly likely to tighten the screws on the petroleum and gas rent taxRio Tinto paid more than $6.1 billion in tax, from $22.3 billion in taxable income. Andrew Forrest’s Fortescue Metals Group paid $5.7 billion in tax from more than $19.4 billion in taxable income.

Oil and gas giant Woodside had $6.7 billion in revenue, and $157 million in taxable income. The company paid no corporate income tax in the year, but its two Burrup subsidiaries paid about $390 million. Firms which make no profit do not pay tax in Australia. Some companies can reduce their taxable income by carrying forward prior year losses, as well as deducting expenses and depreciation. For example, many large mining companies have significant depreciation expenses due to large capital investments that ultimately reduce the amount of tax payable.said the corporate sector was playing a critical role in Australia’s national finances, despite COVID-19 disruption and lockdowns.

 

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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 structure rorts. billshortenmp RichardMarlesMP JasonClareMP Mark_Butler_MP tanya_plibersek auspol

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Almost 800 companies paid no tax in 2020-21, Australian Taxation Office report revealsA total of 32 per cent of Australian public companies paid no tax in 2020-21, according to Australian Taxation Office (ATO) data. But we have to consider the impact of these industrial laws on companies and business. They don’t consider the worker when raking in multimillion $ profits. But every peasant did! Fair?
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