Qantas Group collects/pays USD2.4bn in tax in FY2017/2018, exhausts available tax losses

    Qantas Group published (06-Dec-2018) a summary of its tax affairs for FY2017/2018, reporting it paid and collected a combined total of AUD3.4 billion (USD2.4 billion) in tax both Australia and overseas, an increase of 7.2% year-on-year and includes a return to paying corporate tax after exhausting available tax losses. Available tax losses peaked at AUD3.2 billion (USD2.3 billion) in FY2015, reducing to AUD951 million (USD683.8 million) at the end of FY2017, with continued profitability in FY2018 resulting in the group incurring company tax of AUD11 million (USD7.9 million). Qantas expects a “significant increase” in company tax liability in FY2018/2019, in turn generating franking credits for shareholders.