Minerals industry pays the most company tax

The latest ATO Corporate Tax Transparency Report proves, once again, that Australia’s minerals industry contributes more company tax than any other industry and its contribution to the nation’s economy and society is crucial.

Mining companies contributed more than 40 per cent of all the company tax reported by the 2,370 corporate entities.

The report highlights that Australia’s two largest taxpayers, BHP and Rio Tinto, paid more than $10 billion in company tax in the 2019-20 tax year.

The industry pays the highest wages, generates substantial economic activity, pays the most company tax and delivers the most export revenue.

A strong mining industry is essential to Australia’s economic success.

When mining is strong, all Australians win.

The record tax payments are highlighted in a report by Deloitte Access Economics, commissioned by the MCA, which shows that in addition to the large company tax, the industry paid $15.2 billion in state and territory royalties.

Between 2010-11 and 2019-20, the minerals sector contributed $238.8 billion in taxes and royalties to federal, state and territory governments.

Company tax payments from the minerals industry help fund better services for the community, including mental health, aged care and woman’s programs.

Australian mining can be relied upon to pay its fair share of tax and royalties to pay for schools, hospitals and other infrastructure.

The industry track record of large company tax and royalty payments demonstrates the importance of a strong mining industry to the Australian economy.

Mining companies support thousands of regional businesses around Australia and workers who provide essential services that keep the industry operating.

They have also been supporting local communities through the COVID-19 pandemic, providing substantial donations to hospitals, charities, child care centres and schools.

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