Want to join the ‘no profit, no tax’ club?

By Peter Roberts

Tired of hearing that manufacturers are rent seekers asking for handouts from the government?

Tired of paying tax? Well, now you don’t need to – in Australia corporate tax is somewhat voluntary depending on who you are.

Instead of being in the difficult-to-make-a-buck manufacturing sector perhaps you should think about getting into a field that really does get special treatment from government.

Yes, that is fossil fuel producers, according to a new study from the Australia Institute.

According to the think tank: “These fossil fuel companies paid *$0* in corporate tax in 2021-22, ATO data shows.

“Absolutely mind-boggling in a year of soaring fossil fuel prices.”

And that is not just the situation this year as fossil fuel companies have got the tax system wrapped round their little fingers – most never declare a profit that attracts tax.

Take number one on the list, EXXONMOBIL.

This company hasn’t declared a profit in Australia for 10 years. In fact most on the list barely make it into the black – or they would have you believe.

But year after year from the good of their hearts they continue to operate in Australia, staying in business just to provide an essential service it would seem.

Really it has got to be a sick joke that Australian owned and operated manufacturers find it difficult to justify investment in the latest equipment to keep Australian workers employed and Australian shareholders paid the occasional return.

But foreign owned importers, whose main claim to local employment is in importation and retailing or products produced overseas, get away with paying no tax?

The top 10: