Australia: ATO's 2022-2023 corporate tax transparency report
ATO also released tax and corporate Australia report, which includes the ATO’s approach to compliance of large corporates
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November 1, 2024
The Australian Taxation Office (ATO) released its corporate tax transparency report for 2022-2023, which includes data for the following population:
- Corporate tax entities with total income equal to or exceeding $100 million*
- Entities with petroleum resource rent tax (PRRT) payable
Data for Australian-owned private companies with total income between $100 million and $200 million is being published for the first time, following a 2022 change in the tax law.
Insights from the report include:
- Total income for 2022-2023 was $3,138.4 billion, an increase of 23.3%
- Taxable income was $380.1 billion, an increase of 11.3%
- Tax payable was $97.9 billion, an increase of 16.7%
- Foreign-owned entities accounted for 41.3% of the population and 41.5% of tax payable
- Australian public entities accounted for 15.1% of the population and 47.9% of tax payable
- Australian private entities accounted for 43.6% of the population and nearly 10.6% of tax payable
- Australian private entities with income between $100 million and $200 million accounted for 26.1% of the population, 4.6% (or $142.9 billion) of total income, 2.4% (or $9.2 billion) of taxable income, and 2.5% (or $2.5 billion) of total tax payable
The ATO also released its tax and corporate Australia report, which includes the ATO’s approach to compliance of large corporates, the demographics of the groups, and key risks.
*$=Australian dollar