Qantas pays/collects USD2.4bn in taxes in FY2016/17, pays no company tax in period

Qantas Group published (06-Dec-2017) a summary of its tax affairs for FY2016/17, reporting it paid and collected a combined total of AUD3.2 billion (USD2.4 billion) in FY2016/17, an increase of 14% year-on-year. Due to carry forward tax losses, Qantas was not required to pay any company tax in FY2016/17. This stems from almost AUD3 billion (USD2.3 billion) in accumulated tax losses from prior years, which now sit at AUD951 million (USD723.2 million) due to recent strong financial performance. Once these losses are exhausted, Qantas will return to paying company tax among the other taxes it pays and collects. [more - original PR]