Corporate Tax

The ATO corporate tax report reveals that Apple, Google and Fb paid the report tax

The three companies were the long-term goal of the Gillard, Abbott, Turnbull and now Morrison governments to increase their corporate tax payments.

Apple, the 29th largest company by revenue, was 51st in terms of tax it paid.

The country’s largest taxpayer in 2018-19 was miner Rio Tinto. On revenue of $ 36.2 billion, reported $ 15.1 billion in taxable income and paid $ 4.3 billion in taxes. Corporate tax rose $ 1.1 billion between 2017 and 18.

The second largest taxpayer was the BHP Billiton group with sales of $ 43.1 billion and taxable income of $ 16.3 billion. It paid $ 4.2 billion in corporate tax, an increase of $ 700 million from the previous year.

Commonwealth Bank, the largest taxpayer in recent years, paid $ 3.3 billion in taxes on revenues of $ 43.3 billion, $ 1 billion less in taxes than last year.

The other three big banks – Westpac ($ 3 billion in tax), NAB ($ 2.2 billion), and ANZ ($ 1.6 billion) – were also among the top 10 taxpayers who collectively earned $ 23 billion in corporate tax paid.

Other big payers were Fortescue Metals Group ($ 1.7 billion) and Wesfarmers ($ 890 million).

While iron ore companies like Rio, BHP, and Fortescue swelled the treasury, the oil and gas sector continued to generate huge revenues, but no taxes.

ExxonMobil declared $ 13.3 billion in revenues but paid no taxes, Chevron revenues of $ 12 billion and taxable income of $ 900 million but no taxes, while coal seam gas producer Australia Pacific LNG generated $ 7.2 billion in revenue but paid no taxes.

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Coal producer Peabody Australia paid no taxes on revenues of $ 4.5 billion, while oil and gas producer Santos also paid no taxes on its revenues of $ 4.4 billion.

However, Santos paid an oil resource rent of $ 79 million. BHP paid $ 604 million to PRRT, while Esso paid another $ 364 million.

Infrastructure companies were also among those companies that did not have to pay taxes. Toll Holdings paid no tax on $ 6 billion in income, Transurban paid no tax on $ 2.5 billion in income, and Sydney Airports paid no tax on $ 1.6 billion in income.

ATO Deputy Commissioner Rebecca Saint said the agency was screening companies that were consistently making losses.

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“The ATO is taking steps to verify that losses in the big market are not caused by invented systems but by actual losses that can be traced back to business operations. Companies that report persistent losses year-on-year are exempted from Tax Avoidance Taskforce checked. “She said.

Among the nation’s media companies, Nine Entertainment – publisher of this legal notice – paid taxes of US $ 47.8 million on taxable income of US $ 175.6 million and revenues of US $ 2.5 billion.

Seven West Media paid $ 23.6 million in tax on $ 101 million in taxable income on revenue of $ 1.8 billion, while News Australia Holdings declared no taxable income on its $ 2.1 billion in revenue .

For 2017-18, News declared taxable income of $ 58.5 million out of a total income of $ 2.5 billion. It didn’t pay any taxes.

Shane is a senior business correspondent for The Age and The Sydney Morning Herald.

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