The financial affairs of numerous previously low-key unlisted or foreign-owned companies headquartered in Western Australia have been released by the Australian Taxation Office for the second year running.
The financial affairs of numerous previously low-key unlisted or foreign-owned companies headquartered in Western Australia have been released by the Australian Taxation Office for the second year running.
The 2014-15 revenue earned, profit and tax payable by companies such as Wilson Parking, Tronox, Wood Group, Wirtgen, World Fuel Services and certain entities for CNOOC has been made public, showing that many had seen revenue slip from the previous financial year.
The WA-based companies are part of a list of around 1,900 large corporate taxpayers with revenue above $100 million about which the ATO has published key data, with around 1,500 appearing for the second year in a row. Most of that group are listed but a significant number are unlisted public companies, private companies and foreign-owned companies that often go beneath the radar even though they are obliged to submit public accounts.
Collectively, these 1,900 large corporates paid almost $41.9 billion in company tax in the 2015 fiscal year, slightly more than the $40 billion paid by 1,500 companies in 2013-14.
Many of the companies below paid tax, in some cases considerable amounts, on the taxable income revealed for 2014-15, while the ATO said some did not pay any. Last year, the ATO stated that many had legitimate reasons for not paying tax, which typically is paid on profits.
Last year, Chinese energy group CNOOC also had two entities disclosed. This year only CNOOC Australia Energy’s numbers were revealed. In 2014-15 it had income of $310.5 million (previously $380.9 million) and it paid much less tax, $23.1 million (compared with $38.1 million) on a $77 million profit ($127.1 million).
The ATO did not provide figures for CNOOC Gas and Power Aus Investment, which had $310.4 million in 2013-14 income in but no tax payable that year.
US-based fuel supplier World Fuel Services’ (Australia) turnover was up markedly at $180.5 million ($107 million previously), with profit (taxable income) $1.5 million and tax payable $438,272. The previous year it had no tax payable.
Another US-headquartered company, inorganic minerals and chemicals group Tronox, has two Australian companies listed by the ATO – Tronox and Tronox Australia Pigments Holdings. They had a combined turnover of almost $1.41 billion, down 8 per cent from $1.52 billion without any tax payable in either year.
In other cases, Wilson Parking Australia 1992 had about $12.3 million in tax payable on a $44.8 million profit after a strong rise in revenue to $1.01 billion. Last year its total income of $898 million, profit of 41.9 million and tax payable 11.3 million.
German construction equipment subsidiary Wirtgen Australia’s had no profit recorded after revenue dropped almost 30 per cent to $139.7 million from $192.7 million.
The ATO showed figures for two entities Japanese-controlled entities Bluewaters Power 1 and Bluewaters Power 2 which revealed they had $292 million in revenue (almost $400 million previously) but again had no tax payable.
UK energy services business Wood Group Australia had no tax payable on $537 million of turnover that was down from $675 million the previous year, upon which it made a profit of $12.2 million and had $3.1 million of tax payable.
