Tax payable in 2023–24
Over one million entities lodged company income tax returns in Australia. At the time of publication, 4,110 entities reported income greater than $100 million (and these are included in the corporate tax transparency report). These entities paid approximately 67% of total corporate income tax in 2023–24.
Tax payable – by ownership segment
Australian public entities contributed the most tax paid at 48.1 %. This is followed by:
- foreign-owned entities (39.0%)
- Australian private entities (13.0%).
Figure 7 shows the changes in tax payable since 2022–23:
- Australian private entities contributed $2.1 billion to the growth in tax payable in 2023–24.
- Foreign-owned entities had a $3.3 billion decrease in tax payable.
- Australian public entities had a decrease of $964 million.
Figure 7: Change in tax payable by ownership segment, 2022–23 to 2023–24
Tax payable – by industry segment
The decline in tax payable across the corporate transparency population in 2023–24 was primarily driven by the Mining, Energy and Water segment, which fell by $6.2 billion (see Figure 8). This was largely due to weaker commodity prices, with a notable drop in oil prices contributing to the downturn.
In contrast, all other segments recorded year-on-year growth in tax payable. The Manufacturing, Construction and Agriculture segment led with an increase of $1.8 billion, followed by the Wholesale, Retail and Services segment, which rose by $1.4 billion. The Banking, Finance and Investment, and Insurance segments also saw steady growth, up $495 million and $351 million respectively.
Figure 8: Change in tax payable, by industry segment, 2022–23 to 2023–24