Australia’s climate culprits pay little or no tax, new data shows

While many of Australia’s biggest companies paid the full 30% company tax rate, fossil fuel companies paid next to nothing.

(Image: Gorkie/Private Media)

The Australian Tax Office has released its tax transparency report for 2019-20, detailing the tax payments of Australia’s largest companies.

While revenue collection for that year was heavily affected by the pandemic and recession, the data show many of Australia’s biggest corporate names paid full freight on their taxable income.

Rio Tinto paid 29% on nearly $18 billion in income; the Commonwealth Bank paid more than 29% on its $11 billion in profit; Fortescue Metals paid nearly 30% on just under $10 billion profit; NAB, Westpac and ANZ all paid nearly 30%; Coles paid 30% on its $1.6 billion profit; BHP’s iron ore division paid 30% on $4 billion on its profit and 24% on its group profit of $18.7 billion, the biggest of the year.

Source link

Leave a Reply

Your email address will not be published.