Optus among companies earning billions in Australia but paying no income tax
a day ago
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- #tax-avoidance
- #corporate-tax
- Major companies like Optus, JBS Global Meat Holdings, and tech firms (Netflix, Apple, Microsoft) earn billions but pay zero income tax in Australia.
- ATO report highlights tax minimization strategies, including losses, deductions, and offsets, as legitimate reasons for zero tax payments.
- Transurban, owner of Sydney toll roads, earned $3.2bn but paid zero tax due to profits being funneled through a trust.
- CSL, an Australian blood-based medicines firm, earned $5.2bn but reported taxable income of only $253m and paid no tax.
- Big tech firms like Apple and Microsoft report lower profit margins in Australia compared to global rates, suggesting profit shifting.
- Miners and banks (Rio Tinto, BHP, CBA) are the largest taxpayers, contributing significantly to Australia's tax revenue.
- Despite earning billions, gas producers like Ichthys LNG and Santos paid zero tax.
- The proportion of big companies paying zero tax has decreased from 36% to 28% over the past decade.