This is the seventh annual report on corporate tax transparency, which informs public debate about the corporate tax system.
This year's report analyses aggregated data from the 2019–20 income tax returns of some of the largest corporations operating in Australia. It describes changes and trends in key headline figures for the population, as well as data by industry segment and ownership group.
The corporate tax transparency population includes:
- Australian public and foreign-owned corporate tax entities with total income of $100 million or more
- Australian-owned resident private companies with total income of $200 million or more
- entities that have petroleum resource rent tax (PRRT) payable.
Legislation specifies the type of information we are required to report on. In producing this report, we take the data from three labels in the tax return – total income, taxable income and tax payable – for corporations that meet the population income threshold.
It is important to note that data in the corporate tax transparency report is taken directly from tax returns and does not reflect any intervention or compliance work after lodgment of the returns. Nor does it provide additional detail on recipients of JobKeeper or other COVID-19 stimulus payments.
Corporations can also publish their own reports about their tax positions through the Voluntary Tax Transparency Code, which complements Australia’s existing tax transparency measures.