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EnergyAustralia reported an effective tax rate of 30 per cent for the 2020 income year (for the year ended 31 December 2019), and paid $83.1 million in tax (after non-refundable tax offsets) from taxable income of $282.9 million and revenue of $7.1 billion.
The company’s figures are shown in the Corporate Tax Transparency Report recently published by the Australian Tax Office (ATO), which covers about 2000 Australian corporate tax entities.
Chief Financial Officer Alastair McKeown said corporate tax is just one way that EnergyAustralia contributes to the community.
“On average, we contribute more than $15 million annually in payroll tax we spend around $900 million on goods and services, with more than 97 per cent spent in Australia,” he said.
“To help keep the lights on, we invest heavily in maintenance. Last year we spent around $200 million on our assets and this year we have spent about $150 million. Our ongoing investment in upgrades and maintenance helps to ensure they’re available on the days we are needed most.
“We also continue to provide extensive support for our residential and business customers struggling to pay their energy bills as a result of the coronavirus pandemic.”
While the ATO’s figures are based on the 2020 income year (for the year ended 31 December 2019), EnergyAustralia was the first utility company to register for the government’s Voluntary Tax Transparency Code, which makes publicly available its financials from the most recent 2021 income year.
“Sharing what we do and the tax that we pay – and encouraging other businesses to do the same – is one important way we can help to build Australians’ confidence in business,” Mr McKeown said.
EnergyAustralia’s Tax Contribution Reports are available here.