Skip to content
Government Federal, Taxation

ATO secures additional $6.4 billion from large corporates

Australian Taxation Office (ATO) 2 mins read

As announced by the Treasurer yesterday, the Australian Taxation Office (ATO) has secured an additional $6.4 billion in tax revenue from Australia’s largest business and multinational entities for the 2022-23 financial year.


ATO Commissioner Chris Jordan said this record high result is a product of the ATO’s vigorous scrutiny and continued compliance intervention into the large market.


‘This additional revenue comes directly from our compliance intervention. It is an outstanding result that reflects years of sustained effort from the Tax Avoidance Taskforce to drive increased tax compliance by large businesses.’


‘The Taskforce scrutinises the tax outcomes of the largest 1,100 businesses and multinational groups to verify that they are paying the right amount of tax, and has helped to collect, on average, an additional $2 billion each year from public and multinational businesses. Last financial year’s result is three times more than this.’


Around $4.4 billion of last year’s result is due to the ATO’s earlier interventions in the oil and gas sector now flowing through the system, positively impacting tax collections. This result largely reflects the ATO’s ability to capitalise on the success in the Chevron case, permanently removing more than $40 billion of past and future.


interest deductions for related party finance arrangements from the tax system. As a result, these large businesses are paying more tax and sooner.


‘Our intervention and strong commodity prices mean that some oil and gas companies are now among the biggest taxpayers in Australia. Some of the revenue is already flowing through the system, positively impacting collections now and into the future.’


‘We have been planting these seeds for many years and this work is now bearing fruit with significant outcomes for the Taskforce’s compliance and assurance programs.’


‘All of these results reflect the hard work the Tax Avoidance Taskforce has done to challenge tax avoidance arrangements. We will continue to hold public and multinational businesses to account to ensure they are paying the right amount of tax.’


‘We have confidence that most large businesses are doing the right thing and meeting their lawful tax obligations. The community can be assured the ATO will detect and pursue those organisations that try to game the system,’ said the Commissioner.


Since the Tax Avoidance Taskforce commenced in 2016, it has helped secure more than $27.7 billion in additional tax revenue from multinational enterprises, large public and private businesses up to 31 August 2023.


ENDS

Notes to journalists

Further information on the Tax Avoidance Taskforce is available at ato.gov.au/taxavoidancetaskforce The ATO will publish the 2022-21 Corporate Tax Transparency Report later this year.

ATO file footage is available for use in news bulletins from our media centre.

 


Contact details:

ATO Media Unit | mediaunit@ato.gov.au | 02 6216 1901

More from this category

  • Government Federal, Transport Automotive
  • 21/02/2024
  • 05:00
The Climate Council

Don’t pay double: More efficient new vehicles will lower fuel bills

FOR IMMEDIATE RELEASE WEDNESDAY 21 FEBRUARY 2024 Don’t pay double: More efficient new vehicles will lower fuel bills Aussie drivers could pay up to twice the price for petrol when purchasing a new car compared to international car markets with effective fuel efficiency standards, according to the latest Climate Council analysis. On average, a new passenger car sold today in Australia will consume 6.9 litres of fuel per 100 kilometres (L/100km), leading to an annual petrol bill of almost $1,460. This is nearly $720 more per year than new European cars, which use just 3.5L/100km, and almost $570 more than…

  • Contains:
  • Energy, Government Federal
  • 20/02/2024
  • 12:37
Save our Songlines

Statement from Raelene Cooper on proposed offshore oil and gas approval amendments

The following is a statement from Mardudhunera woman Raelene Cooper, Federal Court victor and former Chair of the Murujuga Aboriginal Corporation regarding amendments introduced by the government to the OPGGS Bill governing offshore oil and gas approvals: "The government said it wanted more Indigenous consultation but now, just months after the Voice failed, they are undermining their own review process and sneaking things into legislation to avoid consulting with traditional custodians.” “I am making a submission to Madeleine King’s NOSPEMA review process but before it is even finished the government has completelypre-empted it by introducing new laws to make it…

  • Education Training, Government Federal
  • 19/02/2024
  • 11:46
Independent Tertiary Education Council Australia (ITECA)

ITECA Supports Overdue Review of Australian Apprenticeships Incentive System

The Australian Government’s strategic review of the Australian apprenticeships incentive system is overdue but welcome according to the Independent Tertiary Education Council Australia (ITECA), the peak body representing independent providers in the skills training, higher education, and international education sectors. “This review is timely and necessary, given the significant decline in apprentice and trainee commencements over the past year across sectors including construction, manufacturing through to the healthcare, retail and tourism sectors,” said Troy Williams, ITECA Chief Executive. ITECA appreciates the government’s effort to evaluate the effectiveness of the current incentive system and complementary services in promoting the initiation and…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time your distribute with Medianet. Pay per release or save with a subscription.