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  • Company tax and the petroleum resource rent tax

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    Company chapter

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    Company detailed tables

     

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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%. Other companies such as retirement savings account providers, pooled development funds, credit unions, non-profit companies and life insurance and friendly society companies have various other tax rates.

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

    OVERVIEW

    For the 2006-07 income year:

    • 750,277 companies lodged returns, a 3.0% increase from 2005-06
    • companies reported total income of $2,044 billion, a 13.4% increase from 2005-06
    • total company expenses were $1,819 billion, a 12.9% increase from 2005-06
    • companies were liable for $58 billion in net tax, a 21.8% increase from 2005-06, and
    • total assets controlled by companies were $5,220 billion, a 15.8% increase from 2005-06.
    • For the 2007-08 financial year:
    • petroleum resource rent tax totalled $1.9 billion
     
      Last modified: 18 Mar 2009QC 21490