These companies have paid $0 in Australian income tax for the past SEVEN YEARS and most of the profits have gone offshore
- The companies had a combined revenue from Australian operations of $138 billion
- All but one are owned by foreigners, so all the profits they made went overseas
- All members of the Australian Petroleum Production & Exploration Association
Five of the largest companies operating in Australia’s energy and gas industry have paid no income tax for the past seven years.
Data from the Australian Tax Office (ATO) shows companies had a combined income from their Australian operations of $138 billion, according to the Australia Institute.
“It’s amazing that you can make $138 billion without paying any tax,” said Mark Ogge, senior adviser at the Australia Institute.
Five of the largest companies operating in Australia’s energy and gas industry have paid no income tax for the past seven years. Pictured is a drilling rig for coal gas reserves in Queensland
Despite their huge turnover, Arrow Energy, APLNG, Chevron, ExxonMobil and Senex each paid no income tax over a seven-year period.
Four of the five are foreign-owned, so any profits they made went overseas.
They are all members of the Australian Petroleum Production & Exploration Association (APPEA).
Research by the Australia Institute found that in 2012, APPEA claimed that coal seam gas LNG companies in Queensland would have paid $11.2 billion in federal income tax by 2020.
It turned out that they paid almost no income tax during this period.
In 2015, Chevron estimated it would pay $4 billion in “direct taxes and royalties” by 2020, but it paid no income or resource taxes during that time.
Shell claimed in 2013 that its Prelude floating LNG project would pay $12 billion in taxes over the life of the project.
She has not paid income tax since 2015.
Santos, which is an Australian company, paid no income tax from 2015 to 2018, nor in 2020.
Data from the Australian Tax Office shows that five companies that had a combined income from their Australian operations of $138 billion paid no tax over a seven-year period. Pictured is a liquefied natural gas facility at Curtis Island in North Queensland
The Australia Institute said taxation of the oil and gas industry in Australia needs to be overhauled.
“Our governments shouldn’t let this happen and we need an overhaul of how the oil and gas industry is taxed in Australia,” Mr Ogge said.
He said companies promised billions in tax revenue and then failed to pay it.
“We trust our politicians to tax our natural resources for the benefit of all Australians, but instead some of the biggest gas miners, members of APPEA, are paying absolutely nothing,” he said. declared.
The Australia Institute said taxation of the oil and gas industry in Australia needs to be overhauled. Pictured is Longford Gas Conditioning Plant in Victoria
“The federal government offers the resource virtually for free, in the form of gift-wrapped grants, primarily to foreign companies, many of which pay little or no tax.
Mr. Ogge made a comparison to selling a house. “Imagine if you trusted an agent to sell your house to get the best possible deal, but instead gave it to his mate for next to nothing.”
“That’s what’s happening with our gas resources,” he said.