Mining remained Australia’s largest corporate taxpayer in 2024–25, even as weaker commodity prices cut profits and tax payable, according to a new report.
According to the Australian Taxation Office’s (ATO) latest corporate tax transparency report, 4299 large corporate entities with income above $100 million paid $87.5 billion in company tax, down from $95.7 billion in 2023–24. The ATO said the fall was predominantly due to lower profitability among miners. Tax payable by its mining, energy and water segment dropped $12.5 billion, while every other industry segment grew.
“Australia remains a world leader for large business tax compliance, supported by high levels of transparency and the ATO’s dedicated large market compliance programs,” ATO acting deputy commissioner Michelle Sams said.
“The majority of Australia’s largest companies are paying the right amount of tax and meeting their tax obligations. We continue to take firm action where we identify non-compliance.”
The Minerals Council of Australia said the mining sector’s company tax would help fund services and infrastructure in Australia.
“Despite weaker global commodity prices which reduced profitability and tax contributions, Australia’s minerals industry paid the largest amount of any sector in company tax,” the MCA said in a statement.
“The ATO also observed that for the mining industry there is a strong relationship between profitability and tax payable in all years, despite changes in commodity prices, reinforcing the high standard of tax compliance practices within the industry.”