General
Hundreds of companies pay no tax, says ATO as it releases latest corporate tax transparency data
Hundreds of companies have reduced their tax bills to zero, according to the Australian Taxation Office’s latest corporate tax transparency data.
Key points:
- The proportion of entities with nil tax payable has decreased over the past three years, from 34 per cent in 2016–17 to 32 per cent
- The ATO confirmed it had, for the first time, invoked the Diverted Profits Tax law to fight multinational tax avoidance
- Australian public and foreign-owned entities have a higher portion of “nil tax payable” when compared to Australian private entities
Of the 2,311 entities in scope for the 2018–19 transparency report, which looks at the situation before the COVID-19 pandemic, 741 entitles (32 per cent) did not pay any tax.
But the ATO said some entities…
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