Media release: ATO confirms gas companies are among nation’s largest corporate taxpayers

The Australian Taxation Office’s latest corporate tax report confirms the oil and gas sector remains one of Australia’s largest corporate taxpayers, contributing $10.4 billion in company tax in 2023–24. 

Australian Energy Producers Chief Executive Samantha McCulloch said the ATO’s figures showed Australia’s oil and gas sector accounted for around 1 in 10 dollars of company tax paid in Australia in 2023–24. 

“The ATO’s results are consistent with Australian Energy Producers’ recent member survey that found the sector is forecast to pay $21.9 billion in taxes and royalties to state and federal governments in 2024–25, representing the highest annual tax contribution from the industry to date,” Ms McCulloch said.  

“The results dispel the myth that Australia’s oil and gas sector does not pay its fair share. The fact is that the oil and gas sector is Australia’s second largest corporate taxpayer, which helps pay for essential services and infrastructure for all Australians.” 

The ATO also noted that “Australia has some of the highest levels of tax compliance of large business in the world”, and that 2023–24 was the third year in a row that the resources sector (which includes oil and gas) paid more tax than all other sectors combined.  

Ms McCulloch said the results reinforced the importance of Australia’s oil and gas sector to the nation’s economic prosperity and energy security.   

“In addition to the oil and gas industry’s significant tax and royalties contribution, which total approximately $55 billion over the past three years, the sector is a key driver of Australia’s productivity and economic growth, contributing $105 billion a year to the national economy and supporting 215,000 jobs around Australia,” Ms McCulloch said.