The Australian Taxation Office (ATO) has released its eighth annual report on corporate tax transparency, which reveals tax information of more than 2,000 large corporates in 2020–21.
The report shows that despite the pandemic, the amount of tax paid by large corporates in 2020–21 is the highest since reporting started.
The percentage of entities paying no income tax has decreased to 32% from a high of 36% in 2015–16.
‘This year’s report represents 2,468 corporate entities, who paid a combined $68.6 billion in income tax, $11.4 billion or 19.8% more than the previous year and the highest since reporting began,’ said ATO Deputy Commissioner Rebecca Saint in a press release.
High commodity prices were once again the key driver of the increase in corporate tax payments.
The report suggests Australia has some of the highest levels of tax compliance of large business in the world with 93% of tax paid voluntarily, and 96% after the ATO’s compliance activities.
‘These results demonstrate there are high levels of tax compliance amongst our largest corporates,’ Ms Saint said.
The report is available here, and entity tax information data here.
Recent Comments