A major report from the ATO reveals over 1,200 large companies, including Netflix and major airlines, paid no income tax in 2022-23 despite generating significant revenue.
Canva expressed that they fully comply with tax laws, noting their substantial contributions through payroll and fringe benefits tax while benefiting from R&D tax incentives.
The findings indicate that corporate entities with deductions surpassing their income might incur tax losses that can be carried forward, impacting tax obligations.
Companies like Qantas and Virgin Australia utilized accumulated pandemic losses to keep their tax bills at zero for the financial year 2022-23.
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