More firms dodge tax
The ATO says the number of Australian public companies that paid no tax in 2019-20 has risen.
A total of 33 per cent of companies paid zero tax, according to the ATO's latest corporate tax transparency report.
The stats show a significant increase in Australian public companies that paid nil tax in 2019-20.
Of 2,370 entities that reported to the ATO, 67 per cent (1,588) paid tax, 16 per cent (371) incurred an “accounting loss”, 2 per cent (52) used offsets, 10 per cent (237) used losses from a prior year to offset against, and 33 per cent (782) did not pay any tax.
Of $3 billion in tax bills raised against large companies, $2.5 billion is being disputed.
ATO deputy commissioner Rebecca Saint says many companies are still using tactics like mis-pricing loans and shifting income into low-tax jurisdictions such as Singapore.
“We are concerned where we see cross-border dealings between related parties that result in excessive amounts being shifted offshore and not subject to tax in Australia,” she told reporters this week.
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