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Change in tax payable by industry segment

Last updated 12 December 2018

Figures 1 and 2 below illustrate the change in tax payable under the new and old industry classifications for the 2015–16 and 2016–17 income years.

Figure 1: Change in tax payable, by industry segment (New industry)

Figure 1 shows the change in tax payable, by new industry segment. Total tax payable by corporate entities in 2015–16 was $38,209 million, compared with $41,856 million in 2014–15. Tax payable increased by $424 million for banking, finance and investment, by $137 million for insurance and $183 million for wholesale, retail and services in 2015–16. Over the same period, tax payable decreased by $359 million for the manufacturing, construction and agriculture segment, and $4,032 million for mining, energy and water. 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.

Figure 2: Change in tax payable, by industry segment (Old industry)

Figure 2 shows the change in tax payable, by old industry segment. Total tax payable by corporate entities in 2015–16 was $38,209 million, compared with $41,856 million in 2014–15. Tax payable increased by $412 million for banking and finance, and $112 million for insurance in 2015–16. Over the same period, tax payable decreased by $38 million for the manufacturing segment, $131 million for sales and service and $4,002 million for energy and resources. 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 $1,155 million for banking and finance, $372 million for insurance and superannuation (excluding super funds), $108 million for manufacturing, $243 million for sales and services and by $5,618 million for energy and resources.

Table 1 below summarises the change in the count of entities and tax payable under the new and old industry classifications for the 2016–17 income year.

Table 1: Change in count of entities and tax payable (Old vs New industry)

Old industry

Count

Tax payable ($b)

New industry

Count

Tax payable ($b)

Net difference in count

Net difference in tax payable ($b)

BF

202

15.5

BFI

203

15.5

1

0.0

ISR

69

3.0

ISR

61

2.7

-8

-0.3

MFG

731

5.5

MCA

493

3.5

-238

-2.0

S&S

836

9.3

WRS

1,121

11.9

285

2.6

ER

271

12.4

MIN

231

12.1

-40

-0.3

Total

2,109

45.7

Total

2,109

45.7

0

0

Corporate entities by industry segment

Figures 3 and 4 below illustrate the total count of entities, the number of entities with taxable income and tax payable greater than zero, and total tax payable (by industry segment) under the new and old industry classifications for the 2016–17 income year.

Figure 3: Corporate entities, by industry segment (New industry)

Entities in the population are grouped into five industry segments. This figure shows the number of corporate entities in each of the new industry segments, as well as the number with positive taxable income and tax payable amounts, and the amount of tax payable. In 2016–17, the banking, finance and investment segment contributed by far the most amount of tax payable with only a small number of entities, and also performed well in terms of the proportion of entities that had taxable income and tax payable amounts. This was followed by the mining, energy and water segment with the second largest number of tax payable with a small number of entities. The wholesale, retail and services segment represented the largest segment of the population by count, and contributed the third largest share of tax payable. This was followed by manufacturing, construction and agriculture, then insurance.

Figure 4: Corporate entities, by industry segment (Old industry)

Figure 4 provides the same industry breakdown as Figure 3; however it is shown as per the old industry classifications. Entities in the population are grouped into five industry segments. This figure shows the number of corporate entities in each industry segment, the number with positive taxable income and tax payable amounts, and the amount of tax payable. In 2016–17, the banking and finance segment contributed by far the most amount of tax payable with only a small number of entities, and also performed well in terms of the proportion of entities that had taxable income and tax payable amounts. As under the new classifications, mining, energy and resources contributed the second largest number of tax payable with a small number of entities. The old sales and services segment represented the largest segment of the population by count, and contributed the third largest share of tax payable. This was followed closely on entity count by manufacturing, then insurance and superannuation (excluding super funds).

Proportion of entities with nil tax payable

Figures 5 and 6 below illustrate the proportion of entities with nil tax payable (by ownership and industry segment) under the new and old industry classifications for the 2016–17 income year.

Figure 5: Proportion of entities with nil tax payable, by ownership and industry segment (New industry)

This graph shows the proportion of entities with nil tax payable in 2016–17, by ownership and the new industry segment (banking, finance and investment; mining, energy and water; insurance; manufacturing, construction and agriculture; and wholesale, retail and services). Entities with nil tax payable vary across ownership and industry segments; however the mining, energy and water segment makes up a large proportion, with an average of 53% of nil tax entities across each ownership segment.

Figure 6: Proportion of entities with nil tax payable, by ownership and industry segment (Old industry)

This graph shows the proportion of entities with nil tax payable in 2016–17, by ownership and the old industry segment (banking and finance; energy and resources; insurance and superannuation (excluding super funds); manufacturing; and sales and services). Entities with nil tax payable vary across ownership and old industry segments; however the mining, energy and resources segment makes up a large proportion, with an average of 54% of nil tax entities across each ownership segment.

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