Australian miners paying serious tax

According to Mining News Pro - The report, conducted on behalf of the Minerals Council of Australia (MCA), found that 14 of the top 30 taxpayers in Australia were mineral resources companies, with those 14 companies contributing more than A$11.33-billion in company tax, representing almost 22% of the total tax paid by the 2 200 large entities listed in an Australian Taxation Office (ATO) report.
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In addition to the large amounts of company income tax paid, the minerals industry pays significant royalties to state and territory governments, which in 2017/18 was estimated to be A$12-billion.

The KPMG report noted that royalties and company taxes over the past few years have contributed a combined A$20-billion each year to the Australian coffers, over the last seven years.
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“The mining industry is helping to build a stronger Australia by paying its fair share of tax,” MCA CEO Tania Constable said.

“The industry also pays large amounts of payroll tax, fringe benefits tax, land tax, licence fees and local government rates that support local communities and pay for the provision of essential services that benefit all Australians.

“The survey demonstrates that notwithstanding volatile commodity prices over the last seven years, the industry tax take has remained constantly around 44%. This is due, in part, to the fact that even in times of lower profitability, the mining industry contributes to public finances through payment of royalties levied on sales revenue rather than profit.

“It is evident from this survey that the mining industry not only pays significant amounts of income tax and royalties, but that we pay our fair share,” Constable said.

She noted that the mining sector was also the global leader in tax reporting and transparency and Australian mining companies are at the forefront of producing voluntary tax transparency reports.