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  • Company tax and the petroleum resource rent tax

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    This chapter provides information on companies and PRRT, as reported on company income tax returns, PRRT instalment statements and PRRT returns. For income tax purposes, a company is a body corporate or any unincorporated association or body of persons, but does not include a partnership or 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.

    For the purpose of this publication, a company may represent a consolidated group of companies for income tax purposes, rather than a single entity.

    Attention

    Overview

    For the 2010-11 income year:

    • 788,983 companies lodged returns, a 1.2% increase from 2009-10
    • companies reported total income of $2,440 billion, a 8.2% increase from 2009-10
    • total company expenses were $2,201 billion, a 7.1% increase from 2009-10
    • companies were liable for $61.9 billion in net tax, a 15.9% increase from 2009-10.

    For the 2011-12 financial year petroleum resource rent tax (PRRT) totalled $1.6 billion.

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      Last modified: 03 Mar 2014QC 33846