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Study Into Australian Miners' Tax Contribution

by Mary Swire,, Hong Kong

09 January 2018

The Minerals Council of Australia (MCA) has drawn attention to an independent study into the tax contribution of the mining industry, noting that firms paid an average effective tax rate of 51 percent in 2015-16.

This was the second-highest effective tax rate for the sector since Deloitte first published its "Access Economics' Minerals Industry Tax Survey" nine years ago.

The MCA said the findings of the survey, produced with input from 25 mining companies, "conclusively busts the myth that Australian mining companies pay little or no tax."

The report says the Australian minerals industry paid AUD185bn in federal company tax and state and territory royalties between 2005-06 and 2015-16.

Commenting on the findings of the report, the MCA said: "By paying its fair share of company tax and royalties, the Australian minerals industry helps to fund the schools, hospitals, police, and other essential services on which Australians depend. Australia's world-class mining sector could make an even greater contribution to our economy and society if the company tax rate – currently the fifth-highest in the 35-member OECD – was reduced. Australia's 30 percent company tax rate is too high for a capital-hungry nation which needs to encourage business investment."

"Competitive State and Territory royalty regimes are also critical to ensure Australia can attract mining investment capital in the face of fierce competition with other minerals-rich nations. Effective tax reform would encourage companies to invest and create more jobs, especially in regional communities."

TAGS: tax | investment | business | mining | royalties | corporation tax | Australia | tax reform | services | business investment | Tax

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