Adani to pay no company tax despite $1bn revenue from Queensland coalmine
Summary
Adani’s coal mining operation in Queensland earned almost $1 billion in revenue last year but recorded a loss due to high expenses and so paid no company tax. Despite promises that the Carmichael project would contribute billions in taxes and royalties, it has never paid corporate tax since opening in 2021, though it did pay royalties to the government.Key Facts
- Adani’s Carmichael coal mine made $963.5 million in revenue in the year ending March 31.
- The company reported a $340.6 million loss after large production and related expenses.
- Because of the loss, Adani paid no corporate tax on the Queensland coal mining operation.
- Adani paid $58 million in royalties to the government, which are fees for extracting state-owned minerals.
- The Carmichael coal project opened in 2021 and has not paid corporate tax since then.
- Adani donated $600,000 to the Liberal National party before the 2024 state election using a federal tax loophole.
- Adani’s related export terminal business earned $356.6 million but also reported a loss and paid no company tax.
- The mining project employs more than 1,400 people and complies with Australian tax and accounting rules.
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