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One-fifth of corporate income tax and about one-third of GST comes from our largest entities.
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Top 1,000 taxpayers paid more than $44bn: ATO
17 October 2022
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The top tier of 1,000 taxpayers paid $20.4 billion in corporate income tax and $24.1 billion in GST, the ATO says in its fourth annual close-up on the segment.
Its findings from the Top 1,000 reveals the group was responsible for 19 per cent of total company income tax and 36 per cent of net GST as the ATO steps up scrutiny on those who can “have a significant impact on the health of our tax system”.
The report explains how the ATO applies the justified trust methodology to obtain greater assurance that large public and multinational taxpayers are paying the right amount of income tax or GST, and identifies areas of tax risk for further action.
The Top 1,000 taxpayers are initially identified as members of large public and multinational corporate groups with a group turnover greater than $250 million and not covered by the separate Top 100 program. They are diverse in terms of their ownership, business models, industries, and size.
The ATO said it engaged with the 1,000 group members on a periodic basis, and each taxpayer in the group could expect to have their compliance examined once every four years.
Where the economic group has more than one taxpayer, the ATO usually reviews the taxpayer with turnover above $250 million for income tax and the largest GST group for GST.
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Zooming in shows concentration among the biggest of the big, with the 100 largest in the top 1,000 paying 56 per cent of the group’s total — $11.5 billion — while the 10 largest paid $3 billion on between them.
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