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Why 8 major companies pay the majority of corporate tax in Australia

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Why 8 major companies pay the majority of corporate tax in Australia

On 28 August 2023, Bring Back Australia app founder Michael Duregon was interviewed by Stephen Cenatiempo on 2cc‘s Breakfast Show- Canberra’s home for news, views and current affairs.

The topic being covered was why just 8 companies in Australia pay the majority of corporate tax.  Not many people know that Australia’s biggest resource companies – such as Rio Tinto and Fortescue Metals – that do the heavy lifting when it comes to corporate tax in our country.

In fact, in the 2021/22 financial year, these companies paid one-third of all tax in Australia.

In reviewing the Tax Transparency code, it’s clear that many Australian companies pay their way – but there are also a lot of others that don’t.

In 2021, 2,468 companies reported $2.292 Trillion in turnover.  Of this, only $68.6 Billion was paid in taxes and just 8 companies paid $31.3 Billion of this.

This is why how you shop matters, and why we’ve created the Bring Back Australia app.  Australian consumers should be putting their money to companies that will keep supporting Australia.  Profits and taxes can be reinvested into our communities, supporting our services, our infrastructure, our lifestyle and our future.

You can listen to the full interview here:

 

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