Data released by the Australian Taxation Office (ATO) has shown that Woodside remained one of Australia’s top taxpayers for the 2023–24 financial year. The ATO’s 2023–24 Report of Entity Tax Information shows Woodside corporate entities reported A$3 billion in combined corporate income tax and petroleum resource rent tax (PRRT) for the 2023–24 year.
When including other taxes, royalties, and levies payable by Woodside for the year, the total contribution to Australian Commonwealth and State governments amounts to A$3.5 billion in 2023–24.
Woodside CEO Meg O’Neill said the ATO’s latest data confirms the company’s contribution to Australia’s wealth and prosperity. “Woodside pays its way. We are enormously proud of the contribution we make to the communities where we are active and to the broader economy, year after year. “Our Australian all-in effective tax rate for 2024 was 46%. Put simply, for every A$100 of taxable profit, A$46 of taxes apply.2
“In addition to being among Australia’s most significant taxpayers, the ATO data shows Woodside is the number one payer of PRRT in the country. “When Woodside performs, Australia benefits, which is evidenced by the more than A$24 billion in Australian taxes, royalties and levies that we’ve contributed since 2011.”
As one of Australia’s largest taxpayers, Woodside is subject to the ATO’s justified trust program, designed to assure that companies are paying the right amount of tax. Woodside’s tax transparency has also been recognised as being within the leading group of its industry peers.
