High commodity prices led to record tax - ATO

Data released by the Australian Taxation Office (ATO) on Thursday showed that large corporations in Australia pad some $68-billion in income tax in 2020-21, the highest since reporting started.

High commodity prices were the key drivers of the increase in corporate tax payments, the ATO said, noting that Australia had me of the highest levels of tax compliance of large business in the world with 93% of tax paid voluntarily, and 96% after the ATO’s compliance activities.