Tax stats show low input
New stats show ten companies are paying 45 per cent of all corporate tax in Australia.
The ATO’s fourth tax transparency report, released this week, shows how reliant the Federal Government is on big banks, miners and supermarket giants.
The report includes details of 2,109 of the largest companies with operations in Australia for the 2016-17 financial year.
It shows corporate tax increased by 20 per cent from 2015-16 to 2016-17, rising $7.5 billion to $45.7 billion, largely on the back of surging commodity prices.
The big four banks (Commonwealth Bank, Westpac, NAB, and ANZ), two biggest miners (BHP Billiton, Rio Tinto), supermarkets (Wesfarmers, Woolworths), and Telstra and AMP Limited paid a combined $20.8 billion in corporate tax in 2016-17 – a total of 45 per cent of all corporate tax paid in Australia.
The data also shows 722 of the largest corporations paid no corporate tax in Australia in 2016-17.
One hundred of these firms reported more than $1 billion in total income.