ATO reveals the biggest private companies that paid no company tax in 2014

The Australian Taxation Office has for the first time released the names of large private companies that paid no corporate tax during a financial year, as part of a strategy to increase transparency and trust in the tax system.

The report, which examines Australian private companies with total income of $200 million or more, shows 30% did not pay any corporate tax in 2014.

Of those private companies, 12% were exempt from handing over cash to the ATO because they incurred an accounting loss for the current year.

Others did not pay tax because they utilised prior year losses or franking credits, while some companies on the list have related entities that did pay tax.

Some of the companies are also entitled to offsets, such as those associated with the Research and Development Tax Incentive.