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About

This site contains multiple financial and political transparency projects and the articles they have inspired.

Meetings

Find out who's meeting who with NSW Ministerial diaries data

Interests

Search the register for potential conflicts of interest and which politicians own property near you

Political Donations

See tax paid by top-earning corps, relavent gifts, shares & tenders

Tenders

Find out who gets the biggest tenders & which countries supply the govt

Charities

Find out which charities receive the most in donations and where they operate

[31] ALL

[8] Privacy

[5] Charities

[3] Interests

[3] Security

[2] Thinktanks

[2] Budget

[1] Tax

[1] Whistleblowing

[1] Welfare

[1] Political Donations

[1] Open Government Partnership

[1] Racism

[1] Housing

[1] Immigration

WHAT CAN OPEN DATA TELL US ABOUT AUSTRALIAS MAJOR BANKS
20th Apr 2018
Rosie Williams

Collectively, over the 2013-14, 2014-15 and 2015-16 Australia’s major banks earned over $600 billion in income but paid tax on only $1.45 billion (21% of their revenue).


Collectively, over the 2013-14, 2014-15 and 2015-16 Australia's major banks earned over $600 billion in income but paid tax on only $1.45 billion (21% of their revenue).

Of that 21% revenue, Australia's major banks paid a total of $34 billion in tax to the ATO.

Total Income Taxable Income Tax Paid
$600B $145B $34B

According to these calculations, the average top-earning bank pays an effective tax rate of just 22.69%.

At the same time, returns to the AEC show that these same corporations paid a total of $21,733,192 in political donations to political parties with Westpac standing out with donations totalling of nearly $12 million during the 2014-15 financial year alone.

Over this same period, some of these banks also received Commonwealth tenders:

According to the ATO the data my calculations are based on:

Data contained within the report is taken directly from tax returns, and does not reflect any intervention or compliance work undertaken by the ATO after lodgment [sic] of the return - for example, amended assessments issued following audits. Settlements relating to prior-year matters are also not reflected in this report as they generally occur during an ATO review or audit process. The report data will always contain information supplied two years prior to the publication date.

If you click on the donation totals for the past 3 years of available data, you can drill down to see individual donations and the parties who received these donations. You can also see the tax transparency data for each year. While the raw data comes from the ATO and AEC, the percentages and totals are calculated by the author.

Happy reading!

 
Bank 13/14/15 FY gross income $B 3 year taxable revenue 3 year tax paid 3 year % tax/revenue 3 year Donations
CBA $130.098 B $32.037 B $9.270 B 28.94% $365,686
NAB $133.386 B $35.977 B $7.377 B 20.50% $2,700,408
Westpac $113.112 B $29.666 B $8.249 B 27.81% $17,735,075
AMP $90.098 B $17.199 B $1.643 B 9.56% $29,500
ANZ $89.158 B $25.081 B $6.009 B 23.96% $736,598
Suncorp $47.012 B $5.519 B $1.400 B 25.37% $165,925
Totals $602.864 B $145.479 B $33.948 B 22.69% $21,733,192


Articles matching 'political donations'


[31] ALL

[8] Privacy

[5] Charities

[3] Interests

[3] Security

[2] Thinktanks

[2] Budget

[1] Tax

[1] Whistleblowing

[1] Welfare

[1] Political Donations

[1] Open Government Partnership

[1] Racism

[1] Housing

[1] Immigration

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[31] ALL

8] Privacy

5] Charities

3] Interests

3] Security

2] Thinktanks

2] Budget

1] Tax

1] Whistleblowing

1] Welfare

1] Political Donations

1] Open Government Partnership

1] Racism

1] Housing

1] Immigration