$2 billion lost thanks to 722 companies paying no tax

$2 billion lost thanks to 722 companies paying no tax

722 large companies paid no tax in 2016-17, costing Australian tax payers $2,075,382,470 in lost taxes according to the Tax Transparency Report, released today.

This lost income could pay for:

  • 2,169,314 Emergency Ward Patients Admissions
  • 169,966 Secondary School Students
  • First year salary for 29,073 teachers

On average, companies included in the report paid tax at the rate of 24.5%, if they had all paid the 30% corporate tax rate, the additional $10,125,273,837 would pay for:

  • 10,583,541 Emergency Ward Patients Admissions
  • 829,224 Secondary School Students
  • First year salary for 141,841 teachers

The ten biggest companies (based on taxable income) paying no tax are:

Name

Total income $

Taxable income $

WOODSIDE PETROLEUM LTD

6,595,185,778

944,614,958

BHP BILLITON (AUS) DDS PTY LTD

574,450,029

820,642,899

ALCOA AUSTRALIAN HOLDINGS PTY LTD

372,395,465

428,044,729

CONSOLIDATED DISTRIBUTIONS PTY LTD

251,400,002

359,142,610

150 INVESTMENTS PTY LTD

247,183,880

353,115,085

HOCHTIEF AUSTRALIA HOLDINGS LIMITED

231,533,978

328,180,287

ALUMINA LIMITED

203,161,482

265,318,069

NITRO HOLDINGS NO 1 PTY LTD

163,646,616

233,738,680

EXPEDITION INVESTMENTS PTY LTD

214,389,575

214,370,443

ORIGIN ENERGY LIMITED

14,831,085,653

188,035,752

Quotes attributable to ACTU Secretary Sally McManus:  

“These companies use Australian infrastructure, resources and labour to make immense profits, they must pay their fair share in tax.

“Every single employee at these companies pays more tax than their employer. It’s not right and it’s not fair.

“The Abbott/Turnbull/Morrison Government has done nothing to address the massive loopholes in our tax system which are leaving billions of dollars in the profit margins of some of the richest companies in Australia rather than in our hospitals and schools.

“This Government is so out of touch with working people and so unapologetically on the side of big business that it’s sitting on its hands while big businesses walk away with billions of dollars.

“We need to change the rules on tax to ensure that all companies pay their fair share.”