Financial Services Minister Stephen Jones highlighted that the recent increase in corporate tax collections reflects the government's and the Australian Taxation Office's (ATO) commitment to recovering owed taxes from major corporations.

This rise in tax revenue is attributed to enhanced compliance operations by the ATO, bolstered by an additional $200 million funding for the Tax Avoidance Taskforce.

In the 2022/23 fiscal year, Corporate Australia contributed nearly $100 billion in income tax, marking a significant increase of approximately 17% from the previous year.

Increased tax contributions from corporations are expected to enhance funding for essential services such as healthcare, infrastructure, and education across Australia.

Assistant Minister for Treasury Andrew Leigh noted that Australia is a leader in corporate and multinational tax transparency, aiming to promote sustainable behavioral changes in tax compliance.

The Tax Avoidance Taskforce has been instrumental in combating tax evasion by multinational corporations, large domestic companies, and wealthy individuals.

Jones emphasized the ATO's critical role in ensuring accountability among large corporations, affirming the government's commitment to providing necessary resources for tax recovery.

Leigh stated that a fair corporate tax system is beneficial for both Australian businesses and workers, reinforcing the importance of compliance.

Jones further stressed the importance of the ATO's efforts in holding large companies accountable to ensure community services are adequately funded.

The federal government views the increase in corporate tax collections as a success of its enhanced compliance operations.

This record level of tax receipts was detailed in the ATO's tenth annual Corporate Tax Transparency report.

The federal government has been addressing an annual tax shortfall exceeding $33 billion, largely due to unpaid taxes.