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.”
