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  • Total income tax payable

    There are 2,043 corporate entities in the 2015–16 corporate transparency population, with total income tax payable of $38.2 billion. Compared to 2014–15, this represents a net increase of 139 entities (7.3%) and a decrease in tax payable of $3.6 billion (−8.7%).

    The significant reduction in tax payable was overwhelmingly driven by the energy and resources segment, reflecting a decline in the average Australian dollar prices for iron ore and coking coal of 16% and 10%, respectively. Results were relatively steady among other industry segments (Figure 1).

    Figure 1: Change in tax payable, by industry segment, 2015–16

    Total tax payable by corporate entities in 2015–16 was $38,212 million, compared with $41,856 million in 2014–15. By industry segment in 2015–16, tax payable increased by $447 million for banking and finance and $100 million for the insurance sector. Over the same period, tax payable decreased by $47 million for the manufacturing sector, by $149 million for sales and services, and by $3,996 million for energy and resources.

    Compared to the previous year, there were reductions in tax payable for both Australian public entities (−$2.4 billion) and foreign-owned entities (−$1.3 billion). Australian private entities recorded a slight increase of $41 million in tax payable (Figure 2).

    Figure 2: Change in tax payable, by ownership segment, 2015–16

    Total tax payable by corporate entities in 2015–16 was $38,212 million, compared with $41,856 million in 2014–15. By ownership segment in 2015–16, tax payable increased by $41 million for Australian private entities, but decreased by $1,305 million for foreign-owned entities and by $2,379 million for Australian public entities.

      Last modified: 05 Dec 2018QC 54026