From 30 bucks to $11b: How the ATO got oil and gas companies to pay more tax

Oil and gas companies have gone from paying little tax to being among the biggest taxpayers in the country following the government’s successful legal fight against resource giant Chevron and a taskforce crackdown.

“Even on a conservative estimate, around $4.4 billion of tax collections in the 2023 year was directly due to the ATO’s earlier interventions in the oil and gas sector.” Related party finance is where the local entity of a multinational firm borrows funds from an offshore counterpart which sets artificially high interest rates, which in turn lets the Australian branch claim higher tax deductions.“It’s a mechanism that can be used by multinationals to decrease the tax payable in Australia, and it’s quite a common one,” Saint said.

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From 30 bucks to $11b: How the ATO got oil and gas companies to pay more taxEarnings from energy and mineral exports reached record highs in the last financial year. The ATO says a crackdown helped increase oil and gas tax payments.
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