Woodside Energy has solidified its position as a major contributor to the nation’s economy according to the latest data released by the Australian Taxation Office (ATO).
The company ranked as the fifth largest taxpayer in Australia for the 2022-23 fiscal year, with a total contribution of $5.1 billion in taxes, royalties, and levies.
Woodside‘s tax payments for the 2022-23 period marked a significant increase from the previous year:
- Combined income tax and petroleum resource rent tax (PRRT): Over $4 billion
- Additional taxes, royalties, and levies: $1.1 billion
This total represents almost triple the amount paid in the previous fiscal year, highlighting the company’s growing economic impact.
The ATO’s 2022-23 Report of entity tax information also revealed that Woodside has become the country’s top contributor of Petroleum Resource Rent Tax (PRRT).
This achievement underscores the company’s significant role in Australia’s energy sector.
Meg O’Neill, Woodside’s CEO, expressed pride in the company’s contribution to Australia’s prosperity: “As Australia’s fifth-largest taxpayer, we are enormously proud of the contribution we make to the communities where we operate and to the broader economy, year after year,” O’Neill stated.
She further emphasised the mutual benefit of Woodside’s success, noting: “When Woodside performs, Australia benefits, a fact clearly reflected by the more than $21 billion in Australian taxes, royalties and levies we’ve contributed since 2011.”
Woodside’s commitment to tax transparency has been recognised by industry peers and regulators alike.
The company is subject to the ATO’s Justified Trust program, which ensures that large corporations are paying their fair share of taxes.
As Woodside celebrates its 70th anniversary, it reaffirms its dedication to meeting its fiscal obligations and maintaining transparency in its financial dealings with the government.
This latest report from the ATO not only highlights Woodside’s significant economic contribution but also underscores the vital role that the energy sector plays in supporting Australia’s public finances and overall economic health.
