CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Tax Contribution Of Australian Banking Sector Revealed

Tax Contribution Of Australian Banking Sector Revealed

by Mary Swire, Tax-News.com, Hong Kong

16 October 2015


Banks paid AUD13.7bn (USD10.1bn) in taxes to Australian governments in 2014, more than any other industry, according to a new report by the Australian Bankers' Association (ABA).

According to the report, "With around 150,000 employees and AUD13.7bn a year paid in taxes, plus AUD23bn paid in dividends and AUD75bn paid in interest, banks provide strong support for Australian families, Australian businesses, and the Australian economy."

The AUD13.7bn figure included approximately: AUD11bn in corporate income tax; AUD1bn in unrecoverable goods and services tax (GST); AUD400m in income tax on life insurance assets; and AUD100m in fringe benefits tax. A further AUD1bn was paid to state and local governments in payroll tax, land tax, council rates, and stamp duty.

The ABA also said that the banks listed on the ASX200 paid 35 percent of all tax paid by the companies listed on this exchange in 2014. This figure is 17 percent higher than that recorded by the next highest industry, metals and mining.

Commenting on the report, ABA Chief Economist Tony Pearson said: "To ensure banks continue to play their part in Australia's growth, the burden of government regulation and tax should be kept as low as possible. With the right policy settings, the banking industry believes that Australia can respond to our economic challenges and opportunities and we will play our part in achieving this."

TAGS: tax | business | mining | interest | banking | insurance | fringe benefits | employees | goods and services tax (GST) | Australia | payroll | stamp duty | dividends | regulation | trade association | trade | services

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »