KPMG
Australia’s mid-market businesses are upbeat, and markedly less worried about the ending of the JobKeeper program than they were six months ago, KPMG Enterprise’s annual pre-Budget survey finds.
The survey of 100 mid-tier business leaders and directors found two-thirds (68 percent) had either used government support mechanisms through COVID and were ’emerging with confidence’, or said that new opportunities had emerged as a direct result of the past year’s experience. Less than half said that COVID or other factors had negatively impacted the business.
Only one-third expected the recent ending of the JobKeeper scheme to lead to a significant decline in economic activity and higher unemployment. This compared to two-thirds in the equivalent KPMG Enterprise survey just ahead of the October Budget last year. Almost one-half had used JobKeeper and one-third the instant asset write-off scheme.
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Corporate Tax Transparency report shows increase in tax paid
The Australian Taxation Office (ATO) continues to lead the world in providing insights into the operation of the corporate tax system with the publication of the sixth annual report on corporate tax transparency. The report covers the tax affairs of the largest companies operating in Australia.
Deputy Commissioner Rebecca Saint said the report included tax information from 2,311 corporate entities with a combined total income tax paid of $56.1 billion in 2018-19.
“Over 60% of all corporate income tax in 2018-19 was paid by the companies included in this report,” Ms Saint said.