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 Companies Which Pay No Tax Revealed
Charles
 Posted: Dec 8 2017, 08:11 AM
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Report reveals which big companies pay no tax

Shane Wright, Economics Editor
Friday, 8 December 2017 4:30AM


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One-third of Australia’s biggest companies have failed to pay any tax but there are signs tech companies are finally coughing up some of their profits to the local community.

A report from the Australian Taxation Office revealed that in the 2015-16 financial year companies from Walt Disney to Chevron failed to pay tax despite making, in some cases, billions of dollars.

The big four banks were the nation’s biggest taxpayers.

The Commonwealth was the biggest taxpayer, paying $3.3 billion on total income of $42.7 billion. The ANZ ($2 billion), NAB ($2.4 billion) and Westpac ($3 billion) all made substantial contributions.

More than 60 per cent of mining companies did not pay tax, in part because of a big fall in iron ore and coal prices in 2014 and 2015.

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 companies which have come under scrutiny in recent years lifted their tax payments.

Apple Australia paid $118 million in tax on $393 million in taxable income, effectively paying the corporate tax rate of 30 per cent.

Its total income, however, was $7.6 billion.

Google paid $16 million in tax on a taxable income of $122 million while claiming it earned $502 million in income.

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

Glencore Investments declared $18.3 billion in income but not a cent in tax.

Other non-tax payers included Bluescope Steel ($4.9 billion in income), Sydney Airport ($1.3 billion), Toll Holdings ($5.1 billion), Transurban ($2.5 billion) and BNP Paribas ($4.5 billion).

Chevron Australia had $2.1 billion in income but failed to pay tax.
It was the third year in a row that the firm had not paid tax despite earning more than $8 billion in income over the period.

One of the nation’s most prominent media companies, News Corp Australia, declared $2.9 billion in income but did not pay a cent in tax.

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

ATO deputy commissioner Jeremy Hirschhorn said the country had one of the strongest corporate tax systems in the world.


https://thewest.com.au/news/australia/report-reveals-which-big-companies-pay-no-tax-ng-b88684429z

This has been one of Bill's hobby horses for some time - and rightly so.

I couldn't help but smile at The West's financial editor including the second last sentence. Almost self-congratulatory!

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scepo
 Posted: Dec 8 2017, 09:29 AM
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This has been one of Bill's hobby horses for some time - and rightly so.


In fairness I would like to point out that (at least to the best of my memory) it has only been Bills hobby horse since the coalition won the election in 2013. For the previous six years of Labor government he was silent on the matter.

If my memory is wrong I will gladly apologise.

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Flin
 Posted: Dec 8 2017, 11:11 AM
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No one ever mentions the amount of tax paid by the employment they generate.
Every time that the government makes it harder to conduct business we lose more taxpayers when business shut their doors and move off shore.
I hope there is never another world war because we will be up the creek without an industrial base.

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scepo
 Posted: Dec 8 2017, 06:08 PM
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It's bound to happen one day Flin.

Not that I think it is imminent at the moment, but things can change quickly.

And I agree, we will be up the creek without an industrial base. Blame it on the Lima Declaration and so called free trade.

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