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  • Company tax and the petroleum resource rent tax

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    Company chapter

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    Taxation Statistics - whole document

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    This chapter provides information on companies as reported on their company income tax returns. For tax purposes, companies include all incorporated and unincorporated bodies or associations, excluding partnerships and non-entity joint ventures. Limited partnerships, some corporate unit trusts and public trading trusts are also treated as companies.

    Generally, every resident company that derives assessable income from all sources, and every non-resident company that derives assessable income from Australian sources are required to lodge a company tax return. A resident non-profit company is not required to lodge a return if its taxable income is less than $416. Companies pay a flat rate of tax, without a tax-free threshold. As from and including the 2001-02 income year, the tax rate for public and private companies is 30%. Companies generally pay their tax under the pay as you go (PAYG) system, either as a lump sum or in quarterly instalments.

    Under the consolidation regime, corporate groups are allowed to consolidate and lodge a single return.

    OVERVIEW

    For the 2005-06 income year:

    • 728,196 companies lodged returns, a 2.9% increase from 2004-05
    • companies reported total income of $1,802.6 billion, a 10% increase from 2004-05
    • total company expenses were $1,612 billion, an 8.4% increase from 2004-05
    • companies were liable for $47.8 billion in net tax, an 18.3% increase from 2004-05, and
    • total assets controlled by companies were $4,510.0 billion, a 26.6% increase from 2004-05.

    For the 2005-06 financial year:

    • petroleum resource rent tax totalled $1.8 billion.
     
      Last modified: 18 Mar 2008QC 20124