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1h ago

ATO Finds Share of Large Companies Paying No Tax Falls to 28% in 2023–24

Tax payable is concentrated in a handful of very large entities, highlighting reliance on miners and big banks.

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Australia's largest companies paid $95.7 billion in taxes, with those paying zero dropping to an 11-year low.
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Overview

  • The 11th Corporate Tax Transparency report covers 4,110 entities with $3.3 trillion in total income, $365.5 billion in taxable income and $95.7 billion in corporate tax payable.
  • Just 2.3% of entities earned over $5 billion yet contributed 59.3% of tax, with miners and banks prominent contributors and Rio Tinto and BHP among the largest payers.
  • The share of nil-tax entities dropped to 28% as business conditions improved and ATO enforcement continued, with losses, offsets and carry-forward deductions the main reasons some firms paid zero; SingTel and JBS reported no tax.
  • PRRT liabilities fell 20.6% to $1.48 billion despite more payers under new deductions-cap settings, reflecting lower oil prices, declining output and higher costs.
  • The ATO reports high compliance by large businesses—94.1% voluntary, 96.3% after action—and says effects of the US exit from the OECD 15% minimum tax are unlikely to appear in data until 2026.