Woodside is one of the country’s largest taxpayers, with the company paying in total more than $18 billion in Australian taxes and royalties.
The company paid $3.7 billion in taxes and royalties to the Australian federal and state governments in the first half of 2023.
Woodside has also reported a 42 per cent all-in effective tax rate in respect of its global profits — excluding one-off items — in the first half of this year.
The company’s Australian taxes are paid by a number of Woodside entities: Woodside Energy Group Limited, the 90 per cent owned ‘Burrup’ entities, Burrup Facilities Company Pty Ltd and Burrup Train 1 Pty Ltd — which supports Woodside’s Pluto project, Woodside Energy (Bass Strait) Pty Ltd, and Woodside Energy (Australia) Pty Ltd.
The data to be reported in the Australian Taxation Office (ATO) 2021 to 2022 report of entity tax information will show that in respect of the financial year ended 30 June 2022, Woodside corporate entities had a combined income tax and Petroleum Resource Rent Tax (PRRT) payable amount totalling $1.4 billion.
As one of Australia’s largest taxpayers, the company is subject to the ATO’s Justified Trust program, designed to assure that companies are paying the right amount of tax.
Woodside’s tax transparency has also been recognised as being within the leading group of industry peers.
Woodside CEO Meg O’Niell said the company has made a substantial contribution to Australian government revenues in the first half of 2023.
“We take pride in the contribution we make to communities where we operate and we do the right thing when it comes to paying our taxes in Australia.
“Our contribution demonstrates that when Woodside performs well, Western Australia, Australia and the other countries where we operate enjoy significant benefits through our tax and royalty payments.
“We recognise the importance of being open, transparent and accountable to maintain the trust of all our stakeholders,” said O’Niell.