EnergyAustralia has become the first energy utility in Australia to register for a voluntary code that commits companies to transparently and clearly disclose how much tax they pay.
The company joins leading blue-chip companies including AMP, Telstra, ANZ, Rio Tinto, BHP and Cochlear among signatories to the Australian government’s Voluntary Tax Transparency Code.
James Chisholm, EnergyAustralia Head of Tax & Treasury, said adopting the code, which sets principles and minimum standards to guide the disclosure of tax information by businesses, was about leading change and doing the right thing.
“The Voluntary Tax Transparency Code is aimed at encouraging large and medium-sized businesses to publicly disclose their tax affairs so the public can have greater insight and understanding of the process,” James said. “It’s up to large businesses especially to set an example by becoming more transparent.”
EnergyAustralia will be fully compliant with the code for the 2016 financial year and will publish its first report in 2017.
James said corporate tax was just one way in which businesses contribute to the community. For example, EnergyAustralia paid more than $15 million in payroll tax in 2015. We also employ around 2500 people, providing income tax revenue, and we do business with hundreds of service providers around the country.
But most importantly, we provide reliable, affordable energy for our customers while leading the shift to a cleaner energy future for all Australians.
You can read more about the Voluntary Tax Transparency Code here.