Australian tax office confirms 36% of big firms and multinationals paid no tax

The tax office has revealed 36% of the largest public companies and multinational entities in Australia paid no tax in the most recent financial year on record..

It covers the 2015-16 financial year, revealing key details of 2,043 of the largest companies with operations in Australia.

null

Rupert Murdoch’s News Corporation paid no tax whatsoever in 2015-16 on an Australian income of $2.9 billion.

Its competitor Fairfax Media, owner of The Age and The Sydney Morning Herald,
paid $16 million on a lower income of $1.48 billion.

The ATO just dropped (7th Dec 2017) corporate tax data and more than 700 companies paid nothing

There were 732 companies who paid no tax in Australia in the 2015-16 financial year. Collectively, their income was more than $500 billion.

While the full data set contains the total income, taxable income and tax payable of more then 2,043 entities. As we are not build with a mindset that simply wants to troll through so much date we “Pigsfly Newspaper” has filtered and sorted the information to produce a definitive list of those that DID NOT PAY TAX. No surprise most also appeared in the 2014 – 2015 list. And to add insult to injury 2013 – 2014

  • They include 1,693 Australian public entities and foreign-owned entities — including privately owned foreign companies — with a total income of $100 million or more
  • They also include 350 Australian-owned private entities with a total income of $200 million or more
  • The information is from Australian tax returns for the 2015-16 financial year
  • This from the ATO: “As the legislation does not allow for the reporting of an amount of zero or less, these fields are left blank.


ExxonMobil Australia 'failed to disclose links to Bahamas and Netherlands'

Public records released by the Australian Taxation Office show Exxon has generated revenue worth $24.5bn over the last three years without paying any corporate tax for the past three years.

The company reported no taxable income and paid no corporate tax in the 2013-14, 2014-15, and 2015-16 financial years, despite reporting revenue of $9.6bn, $8.5bn and $6.7bn respectively. Exxon Mobil, which has oil and gas production in the Bass Strait and a stake in the giant Gorgon LNG project among other assets in Australia, reported $6.7 billion in income, but it reported a loss for taxable income and paid no tax, similar to the previous two years.

Chevron has paid no corporate tax in the past two years. None. Zero. Zilch.

It paid paid no petroleum resource rent tax either.

Corporate tax collected from Australia’s biggest companies in 2015-16 was 8.7% lower than in 2014-15 – a decline from an annual $41.9bn to $38.2bn – as the number of entities paying no corporate tax increased from 678 to 732.

ATO deputy commissioner Jeremy Hirschhorn said the multibillion-dollar fall in tax payable between 2014-15 and 2015-16 was not a sign of companies avoiding tax.

But Mark Zirnsak from Tax Justice Network Australia says tax avoidance is obviously still rife in Australia.

“There are still companies … hiding amongst those that have legitimately made a loss or have legitimate deductions,” he said.

“That is less money for hospitals, schools, family violence support, support for people with disabilities and mental health needs. The government has failed to address the issue they themselves have identified, where an increasing number of corporations are restructuring to be ‘stapled securities’ to avoid having to pay tax in Australia.”

Tax justice advocates urge Senate to push for fair take of oil and gas revenue

According to the Treasury, in 2005 the government collected $1.9bn in PRRT and last year that figure fell to $1.4bn.

PRRT revenue is estimated to fall again – to just $800m – when Australia becomes the world’s dominant LNG exporter by 2021.

In a submission to the PRRT review, Dr Diane Kraal from Monash University said flaws in the PRRT regime meant Chevron’s giant Gorgon gas project off WA would not pay the tax until “at least 2030”, despite decades of operation.

She said her modelling showed $5bn in revenue would be raised from Gorgon by 2030 if royalties were reintroduced.

Chevron reported $2.1 billion in income for 2016 and paid no tax, while Shell Energy Holdings Australia – a unit of Royal Dutch Shell – reported $4.2 billion in income and $97 million in taxable income, but paid no tax.

You will be surpised who are repeat Tax Dodgers: Explore ATO's Tax Reports of 2013 - 2014 and 2015 -2016

Are we being served?

A breakdown of the data shows Australian-based companies also paid the lion’s share of corporate tax.

Of the 1,073 foreign-owned entities (out of 2,043) covered in the report, comprising over half of the corporate entities involved, they accounted for one-quarter of tax payable, while Australian public entities accounted for just 30% of the corporate entities covered but accounted for 69% of the tax payable.

Companies covered in the report include Australian public and foreign-owned entities with total income of $100m or more, and Australian-owned resident private entities with total income of $200m or more.

The data also reveals details of the controversial petroleum resource rent tax, which has been the subject of two separate inquiries following concerns it is failing to generate adequate revenue.

Corporations that PAID NO TAX 2015 – 2016

pdf-reports/


Corporations that PAID NO TAX 2014 – 2015

 

pdf-reports/