The 2020–21 year was dominated by the COVID-19 pandemic, which represented the largest shock to the global economy in recent history. Despite significant challenges, Australia’s corporate taxpayers generally performed well and were supported by monetary stimulus, strong commodity prices and consumer demand.
Tax paid in 2020–21 was the highest since corporate tax transparency reporting started, despite COVID-19 and lockdowns. Company tax collections increased by $11.4 billion (19.8%) to $68.6 billion in 2020–21, reflecting a stronger-than-expected recovery in economic conditions and corporations changing business practices to meet these challenges.
As in previous reports, mining outperformed other sectors of the economy. Wholesale, Retail and Services also did well despite COVID-19 restrictions. Income and tax paid in the Insurance sector were affected negatively by natural disasters.