1/3 big businesses in Australia still don’t pay any tax five years into ATO crackdown - Printable Version
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1/3 big businesses in Australia still don’t pay any tax five years into ATO crackdown - lvlrsSTI - 18-12-2021
https://www.theguardian.com/australia-news/2021/dec/10/one-third-of-big-businesses-in-australia-still-dont-pay-any-tax-five-years-into-ato-crackdown
RE: 1/3 big businesses in Australia still don’t pay any tax five years into ATO crackdown - lvlrsSTI - 18-12-2021
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.