Highlights from the 2020–21 corporate tax transparency report:
- There are 2,468 entities in this year's population, representing a net increase of 98 entities (4.1%) on 2019–20.
- Total income for 2020–21 was $2,292.5 billion, an increase of 4.9%.
- Taxable income was $256.6 billion, an increase of 23.1%.
- Tax payable was $68.6 billion, an increase of 19.8%.
- Foreign-owned entities accounted for 55.8% of this year's corporate transparency population and 22.9% of tax payable.
- Australian public entities accounted for 22.8% of this year's corporate transparency population and 66.2% of tax payable.
- Australian private entities accounted for 21.4% of this year's corporate transparency population and nearly 10.9% of tax payable.
- Entities with income of more than $5 billion represented 2.7% of the corporate transparency population and accounted for 59.9% of tax payable (around $41.1 billion).
- Entities with income of between $250 million and $5 billion represented the largest portion (55.9%) of the corporate transparency population, and accounted for 35.0% of the tax payable (around $24.0 billion).
- Medium entities – those with income of less than $250 million – represented 41.4% of the corporate transparency population and accounted for only 5.1% of the tax payable (around $3.5 billion).
- Tax payable in the corporate transparency population was again dominated by the mining, energy and water segment. The share of tax payable attributable to this sector was again higher than in previous years, primarily due to high iron ore prices.
- Approximately 32% of entities paid nil tax.
- PRRT payable increased by 5% this year to $926.0 million.