Australia's transparency report shows one third of large businesses paid no tax

The big four banks were the nation's biggest taxpayers. NAB ($2.4 billion) and Westpac ($3 billion) all made substantial contributions.

Despite that, BHP paid $1.3 billion on $26.7 billion in income, Rio Tinto paid $1 billion on $27.8 billion in income, Fortescue Metals Group paid $393 million on $8.9 million in income and Hancock Prospecting paid $225 million on $1.9 billion.

"It is important to remember that corporate income tax is payable on profits, not gross income; in any given year, a significant percentage of even the largest companies make losses, not just for tax purposes, but also for accounting purposes; [and] it reflects the tax returns as lodged, and does not reflect subsequent ATO compliance activity".

News Corporation was able to reduce its Australian taxable income to zero, meaning no tax was paid.

To compare, SAP Australia reported a total income of $950.2 million and taxable income of $7.9 million, paying $965,836 in tax.

Google Australia generated AU$502 million in income locally, and paid 13 percent of its taxable income - AU$122 million - to the ATO, which totalled AU$16 million.

The report confirmed a slight increase in the number of firms who managed to avoid troubling the tax man.

The report provides data on 2,043 entities, comprised of 1,693 Australian public and foreign-owned companies with an income of at least AUS 100 million (USD 75.12 million) and 350 Australian-owned resident private companies with an income of AUS $200 million (USD 150.24 million) or more.

Australia's statutory corporate tax rate is 30 per cent, a rate the government wants to reduce to 25 per cent.

Nokia Solutions and Networks Australia, meanwhile, paid $18,575 in tax from taxable income of $3.1 million and total income of $202.1 million, also less than the 30 per cent standard rate.

In the latest report, Hewlett Packard is not listed, but Dimension Data, with a total income again of AU$1.2 billion, did not report a taxable income, and therefore did not pay tax during the 2015-16 financial year either.

Seven West Media paid $53.5 million on a taxable income of $199 million.

Related:

Comments

Latest news

Today AK Steel Holding Corporation (AKS) Stock Rises
With 568,700 avg volume, 38 days are for Bofi Holding Incorporated (NASDAQ:BOFI)'s short sellers to cover BOFI's short positions. Several other institutional investors have also sold shares of the company. 88 funds opened positions while 275 raised stakes.

Lookout for Price Target? CyrusOne Inc. (CONE), DISH Network Corporation (DISH)
Pathstone Family Office Ltd Llc accumulated 0% or 21 shares. (NYSE:CMI). 7,956 were reported by Regions Fincl Corporation. Livforsakringsbolaget Skandia Omsesidigt owns 0.03% invested in DISH Network Corporation (NASDAQ:DISH) for 4,351 shares.

British PM in Brussels amid possible Brexit breakthrough
She must also convince her divided Conservative Party that the deal she makes is acceptable. DUP leader Arlene Foster told Sky News there had now been changes following talks with May.

Memphis Tigers KR Tony Pollard named Walter Camp all-American
Oklahoma had four players selected to the First Team, while Auburn had three honorees (1 First Team and 2 Second Team). He had 34 catches for 501 yards and four touchdowns as a receiver and 222 rushing yards and two touchdowns as a runner.

Hope Solo Announces Run For US Soccer Federation President
Soccer president. "We now must refocus our goals and come together as a soccer community to bring about the changes we desire". On her official Facebook page , Solo explained why she is running, joining candidates like Kyle Martino and Eric Wynalda.

Other news