The ATO reveals a third of large firms don't pay income tax. But the same data shows a surge in revenues, bolstering the budget bottom line.
One-third of Australia's largest companies paid no corporate tax last year despite the total tax take increasing by more than $6.6 billion.
Companies with an income of more than $5 billion represent only 2 per cent of the corporate transparency population but paid 53 per cent of tax. The nation's 100 largest firms paid 41 per cent of all company tax. The ATO said the banking, financial services and mining sectors were Australia's biggest taxpayers. The big banks, which were hit with the $6 billion major bank levy six months before the banking royal commission, contributed to $16.2 billion in total tax payable by the financial services industry. The number of financial service providers earning more than $100 million has surged by 40 per cent since 2013-14.
A sharp lift in commodity prices, led by iron ore, contributed to a spike in tax paid by the nation's miners.
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