The Albanese Government is delivering on its commitment to ensure big corporations to pay their fair share of tax with a new report revealing a record level of corporate tax receipts.
The tenth annual Corporate Tax Transparency report reveals the Australian Taxation Office (ATO) received almost $100 billion in income tax from big business in 2022–23, an increase of almost 17 per cent on the previous year.
This comes after significant investment by the Albanese government to bolster the ATO’s compliance operations, including increased funding for the Tax Avoidance Taskforce by around $200 million per year.
This investment has bolstered crack downs on tax dodging by multinational enterprises, large Australian public and private groups, and wealthy individuals operating in Australia.
More big corporates paying their fair share of tax means more funding for essential services for Australians like healthcare, infrastructure, and education.
Australia is now a world leader when it comes to corporate tax compliance, and these results reflect a sustained effort by the Government to ensure the ATO has the resources necessary to recoup tax dollars owed.
Full details of the Corporate Tax Transparency report will be available on the ATO website.
Comments attributable to Assistant Treasurer and Minister for Financial Services, Stephen Jones
“The Albanese Government is committed to a fairer and more equitable tax system. These results vindicate the hard work done by the Government and ATO to claw back taxes 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.
“Australians can be confident that the Albanese Government is cracking down on big businesses tax dodging and ensure they pay their fair share.”
Comments attributable to Assistant Minister for Treasury, Andrew Leigh
“Australia is leading the way on corporate and multinational tax transparency to drive lasting behavioural change.
“A fair and accountable corporate tax system is better for Australian businesses and workers.
“We’re ensuring corporations pay their fair share so the government can support vital services for Australians.”