Overview

• The 2023–24 corporate tax transparency data shows 28% of 4,110 large entities paid no income tax, with total income of $3.3 trillion, taxable income of $365.5 billion and tax payable of $95.7 billion.
• Tax payments remain highly concentrated, with entities reporting more than $5 billion in income—just 2.3% of the population—accounting for 59.3% of tax payable ($56.8 billion).
• The number of Petroleum Resource Rent Tax payers rose from 11 to 16, yet PRRT receipts fell about 20% to $1.48 billion due to lower oil prices, production declines and project lifecycles.
• The ATO cites stronger business conditions and sustained compliance work by the Tax Avoidance Taskforce as factors behind the drop in nil‑tax outcomes, noting high voluntary payment rates.
• Several companies reported large Australian revenues but paid no company tax, including JBS ($19.7 billion income), Singtel/Optus ($8.2 billion), Netflix ($1.18 billion), Santos, AGL and EnergyAustralia, with the ATO stressing legitimate reasons such as losses and offsets.