Report commissioned by Minerals Council of Australia predicts Treasury will get windfall in 2016-17Mining company tax payments will fall and then climb to $12bn, research saysCompany tax payments from minerals companies are set to fall to $3.65bn then rebound to $12bn in one year, Deloitte Access Economics has estimated. Their share of the total company tax paid by Australian companies would fall to just over 5%. In 2016-17 it would rebound to $12bn and minerals companies would pay more than 15% of all company tax paid in Australia. In that time minerals’ companies tax as a proportion of their operating profits would rise from 20% to 23%. Asked why the company tax take had increased so dramatically, a spokesman for the MCA said: “The dominant driver of higher company tax is higher profits.”“Reducing prior year losses also affects taxable income, which the MCA’s 2017 tax survey found boosted taxable incomes to some extent in 2016,” he said.

Source: The Guardian April 11, 2018 06:11 UTC