18-12-2021, 03:05 PM
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1/3 big businesses in Australia still don’t pay any tax five years into ATO crackdown
18-12-2021, 03:09 PM
Of the companies that paid no tax in the new data, 16% made an accounting loss and 10% used losses from previous years. Five per cent made a loss only on a tax basis and 2% used tax offsets.
Australia’s flag carrier, Qantas, was able to use carried forward losses, including one of a mammoth $2.8bn in the 2013-14 financial year, to reduce its taxes to zero until the 2017-18 financial year, when it paid $11m.
This increased to $253m the following year. But over the next few years, Qantas is once again unlikely to pay tax after declaring a $2.35bn loss in the financial year just gone due to most of its fleet being grounded by the coronavirus crisis.
Australia’s flag carrier, Qantas, was able to use carried forward losses, including one of a mammoth $2.8bn in the 2013-14 financial year, to reduce its taxes to zero until the 2017-18 financial year, when it paid $11m.
This increased to $253m the following year. But over the next few years, Qantas is once again unlikely to pay tax after declaring a $2.35bn loss in the financial year just gone due to most of its fleet being grounded by the coronavirus crisis.
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