There are 2,311 corporate entities in the 2018–19 corporate transparency population, with tax payable of $56.1 billion. Compared to 2017–18, this represents a net increase of 97 entities (4.4%) and a significant increase in tax payable of $3.8 billion (7.2%).
The significant increase in tax payable was primarily driven by the mining, energy and water segment, in particular strong commodity prices and export volumes. There were declines in tax payable in other industry segments, which reflects the impact of more challenging economic conditions in 2018–19 and a softening in non-mining sector corporate profits (see Figure 1).
Figure 1: Change in tax payable, by industry segment, 2018–19
Tax payable again increased across all three ownership segments. Foreign-owned entities contributed the most to the increase ($2.09 billion), followed by Australian public entities ($1.33 billion) and Australian private entities ($341 million) (see Figure 2).
Figure 2: Change in tax payable, by ownership segment, 2018–19