Business to cough up $10 bln more in tax

(Australian Associated Press)

 

The head of the Australian tax office expects around $10 billion more will be collected from large corporations in income tax for the 2017/18 financial year, than it did in the previous year.

Tax commissioner Chris Jordan said while this can be attributed to economic growth and commodity price changes, the Australian Taxation Office has also contributed to this increase from better taxpayer compliance in this market, both voluntary and ATO-assisted.

“It shows our approaches to the large (corporate) market are working well,” Mr Jordan told a Senate estimates hearing on Wednesday.

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Categories: Tax