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  • Total income tax payable

    There are 2,214 corporate entities in the 2017–18 corporate transparency population, with tax payable of $52.3 billion. Compared to 2016–17, this represents a net increase of 105 entities (5.0%) and an increase in tax payable of $6.6 billion (14.5%).

    The significant increase in tax payable was primarily driven by the mining, energy and water segment; this is a reflection of strong commodity prices, which were up 15% in Australian dollar terms in 2017–18. The commodity prices were sourced from the Reserve Bank of Australia (XLS 192KB)This link will download a file.

    Results were relatively steady among other industry segments (Figure 1) and is consistent with the change in the number of entities within each segment.

    Figure 1: Change in tax payable, by industry segment, 2017–18

     Total tax payable by corporate entities in 2017–18 was $52,323 million, compared with $45,704 million in 2016–17. Tax payable increased in all industry segments in 2017–18 except for Insurance; $713 million for banking, finance and investment, -$53 million for insurance, $556 million for manufacturing, construction and agriculture, $1,374 million for wholesale, retail and services and $4,028 million for mining, energy and water.

    Tax payable again increased across all three ownership segments. Foreign-owned entities contributed the most to the increase ($3.8 billion) followed by Australian public entities ($2.4 billion) and Australian private entities ($463 million) (Figure 2).

    The significant increase of tax payable by foreign-owned entities was partly attributed to an increase in the number of entities (66) in this ownership segment.

    Figure 2: Change in tax payable, by ownership segment, 2017–18

     Total tax payable by corporate entities in 2017–18 was $52,323 million, compared with $45,704 million in 2016–17. Tax payable increased in all ownership segments in 2017–18; by $463 million for Australian private entities, $3,803 million for foreign-owned entities and $2,352 million for Australian public entities.

      Last modified: 12 Dec 2019QC 60880