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  • Company tax and the petroleum resource rent tax

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    This chapter provides information on companies, as reported on their income tax returns. For income tax purposes, a company is a body corporate or any unincorporated body of persons, but does not include a partnership and a non-entity joint venture. Limited partnerships, corporate unit trusts and public trading trusts are also treated as companies.

    Companies pay income tax in instalments (pay as you go instalments or PAYGI), some of which are paid during the income year in which the income is derived, or in a single lump sum paid during the subsequent year. For the majority of companies, the income year is the same as the financial year. However, some companies use a substituted accounting period.

    Companies pay a flat rate of tax, without a tax-free threshold. From 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.

    Overview

    For the 2009-10 income year:

    • 777,207 companies lodged returns, a 1.9% increase from 2008-09
    • companies reported total income of $2,212 billion, a 2.6% decrease from 2008-09
    • total company expenses were $2,027 billion, a 5.4% decrease from 2008-09
    • companies were liable for $50.4 billion in net tax, a 10.6% decrease from 2008-09.

    For the 2010-11 financial year petroleum resource rent tax (PRRT) totalled $1.0 billion.

      Last modified: 01 May 2012QC 25367