Thousands of large companies getting away with paying ‘minuscule’ tax

November 11, 2023

It’s almost that time of year again – when the ATO releases the amount of tax corporate Australia contributes to the country’s coffers.

And critics say if past figures are anything to go by, then Australia will have once again missed out on reaping billions from foreign-owned companies that could improve crucial services.

“As Australians, we have got to stop getting screwed by big companies, corporate’s and accountants,” Bring Back Australia founder Michael Duregon told A Current Affair.

Duregon points to the last time the ATO published corporate tax figures in 2021.

He bemoans the fact that our big four banks and big three miners contributed almost half of the $68 billion collected by the government from a whopping turnover of approximately $2.25 trillion.

“That means 2459 companies are paying minuscule or no tax on very big turnovers. Are they running businesses or are they running a skim operation?” Duregon said.

Australians appear to be cottoning on to clever corporate accounting.

Per Capita executive director Emma Dawson told A Current Affair her think tank’s yearly tax survey will cement the feeling that hard-working Aussies are fed up with big corporations not paying their way.

“Big corporations paying little if any tax on significant profits is not going to wash for much longer with the Australian people during what is a very big cost of living crisis,” Dawson said.

Watch the full video here.

Originally post on A Current Affair, By Steve Marshal, 11 Nov 2023.