Canberra [Australia], November 1: Corporate Australia paid almost $100 billion in income tax in 2022/23, an increase of nearly 17 per cent on the previous year.
The record level of receipts has been revealed in the Australian Taxation Office's tenth annual Corporate Tax Transparency report.
The federal government has seized on the result as evidence of its efforts to bolster ATO compliance operations, including some $200 million in increased funding for the Tax Avoidance Taskforce.
Financial Services Minister Stephen Jones says the increase in the amount of corporate tax collected vindicates the work of the government and ATO to claw back money owed by some of the biggest companies in Australia.
"The ATO's work is crucial in the fight to hold big companies to account. Our government will always ensure it has the resources necessary to retrieve what is owed so we can fund services the community needs."
Mr Jones says the Tax Avoidance Taskforce has led a crackdown on tax dodging by multinational enterprises, large Australian public and private groups and wealthy individuals.
More big corporates paying their fair share of tax means more funding for essential services for Australians like healthcare, infrastructure, and education, he said.
"Australia is leading the way on corporate and multinational tax transparency to drive lasting behavioural change," Assistant Minister for Treasury Andrew Leigh said.
"A fair and accountable corporate tax system is better for Australian businesses and workers."
Mr Jones said in 2022 the federal government was chasing an overall yearly shortfall of more than $33 billion in unpaid tax.
Source: Fijian Broadcasting Corporation
