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
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