It’s always unhelpful people put up opinions without any references.
“The oil and gas industry in Australia pays little to no income tax, despite earning billions in revenue from their operations. Here are the key points:
- An analysis by The Australia Institute found that four of the five largest oil and gas companies (Arrow Energy, Australia-Pacific LNG, Chevron, and ExxonMobil) paid no income tax from 2014 to 2020, despite earning a combined $138 billion in income from their Australian operations during that period.[1]
- Santos, another major company, paid just $6 million in income tax on $28.9 billion of income from 2014 to 2020.[1]
- In 2018-19, the most recent year with available data, the entire oil and gas industry in Australia paid only $1.7 billion in income tax on $110 billion of income, an effective tax rate of around 1.5%.[1]
- None of the companies operating coal seam gas projects in Queensland have paid any income tax since LNG exports began in 2015, despite projections that they would contribute billions in federal taxes.[1][2]
- The Australian Taxation Office (ATO) has taken action against some companies for using schemes like related party financing to reduce their taxable income, resulting in increased tax payments of over $11 billion in 2023.[3] However, the industry has historically paid very little tax.
So in summary, while the ATO's crackdown has improved the situation recently, the oil and gas industry in Australia has paid negligible or no income tax for many years, despite earning massive revenues, due to various tax minimization strategies.[1][2][3]
[1] Gas giants paying zero income tax on Australian operations, new ...
https://reneweconomy.com.au/gas-gia...-tax-on-australian-operations-new-data-shows/
[2] With oil & gas companies paying no tax, is it time to trigger the ...
https://rogermontgomery.com/with-oil-gas-companies-paying-no-tax-is-it-time-to-trigger-the-adgsm/
[3] ATO tax crackdown forces oil and gas companies to pay more
disallowed/politics/federal/from-30-bucks-to-11b-how-the-ato-got-oil-and-gas-companies-to-pay-more-tax-20231108-p5eidw.html
[4] Australia taxes its massive gas exports so weakly that we pay more ...
https://www.theguardian.com/busines...b/29/australia-gas-export-tax-system-prrt-lng
[5] Australia already has a gas profits tax, but without reform it will ...
https://www.theguardian.com/austral...-reform-it-will-remain-a-tax-that-nobody-pays
