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Big banks share of company tax take halves

Broadly, the Australian economy and big business are doing well, and better than may be assumed.

The Corporate Tax Transparency Report 2022-23 from the Australian Taxation Office is an important window into a world of business prosperity.

Big business overall is paying a lot more company tax than it was five years ago.

And it is not just about mining profits thriving, it’s more broad-based than that.

The Mining, Energy and Water industry sector paid $54.7 billion in company tax in FY2023, the ATO data shows.

Out of a total of the top 400 taxpayers of $97.9 billion in tax paid.

Banks in FY2023 paid $16.1 billion in tax, or 16.4 per cent of the total.

Five years ago, in FY2019, the biggest banks among the biggest taxpayers paid $15.7 billion, or 28 per cent of the total.

 

 

 

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