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Total income tax payable

Last updated 12 December 2018

There are 2,109 corporate entities in the 2016–17 corporate transparency population, with total income tax payable of $45.7 billion. Compared to 2015–16, this represents a net increase of 68 entities (3.3%) and an increase in tax payable of $7.5 billion (19.6%).

The significant increase in tax payable was primarily driven by the mining, energy and water segment, broadly reflecting the recovery of commodity prices. Results were relatively steady among other industry segments (Figure 1).

Figure 1: Change in tax payable, by industry segment, 2016–17

Total tax payable by corporate entities in 2016–17 was $45,704 million, compared with $38,209 million in 2015–16. Tax payable increased in all industry segments in 2016–17; by $972 million for banking, finance and investment, $220 million for insurance, $238 million for manufacturing, construction and agriculture, $271 million for wholesale, retail and services and $5,793 million for mining, energy and water.

Compared to the previous year, there were increases in tax payable for all three ownership segments. Australian public entities contributed the most to the increase ($6.4 billion), followed by foreign-owned entities ($626 million) and Australian private entities ($429 million) (Figure 2).

Figure 2: Change in tax payable, by ownership segment, 2016–17

Total tax payable by corporate entities in 2016–17 was $45,704 million, compared with $38,209 million in 2015–16. Tax payable increased in all ownership segments in 2016–17; by $429 million for Australian private entities, $626 million for foreign-owned entities and $6,440 million for Australian public entities.

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