Surging commodity prices have helped push Australia’s corporate income tax take up by nearly 20 per cent, withfrom the ATO showing an extra $11.4 billion for the federal budget.
said oil prices were a key driver in the PRRT increase, as the group of 10 resources companies required to pay increased their combined profitability.The Australian Financial Review“The PRRT tax gap remains very low. We have high levels of compliance coverage of all the taxpayers in the group and that tax gap is still sitting around 1.3 per cent.”The percentage of companies paying no corporate income tax dropped from 36 per cent in 2015-16 to 32 per cent in the latest figures.
Extra funding from the federal budget will result in 1200 new staff added to a key tax avoidance taskforce run by the ATO.
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