2 December 2016
Origin Income Tax Transparency Report 2016
Origin makes a significant contribution to the communities in which it operates, including the payment of income tax, payroll tax, rates and royalties.
Origin is open and transparent about its tax arrangements and undertakes all of its required tax compliance and reporting obligations. All of Origin’s operations in Australia and overseas are subject to tax and all of the overseas entities are legitimate operating businesses and are not vehicles to minimise tax.
The Origin Group’s effective income tax rate1 for the 30 June 2015 tax year on the statutory accounting loss was 8 per cent and on underlying net profit2 was 31 per cent. The variance from the corporate tax rate of 30 per cent, primarily arose from some non deductible foreign asset accounting impairments.
1Effective income tax rate is calculated as income tax expense/profit before income tax.
2Underlying net profit is derived from statutory net profit by excluding items that do not align with the manner in which the Managing Director reviews the financial and operating performance of the business. These items are categorised as fair value and foreign exchange movements, LNG related items pre revenue recognition and Disposals, impairments and business restructuring.
Origin boosts gas supply to southern markets
Origin has secured additional gas supply and transport that will enable it to materially increase gas supply to customers in southern markets, helping to alleviate a potential forecast shortfall in supply identified by the Australian Energy Market Operator (AEMO).