AMP – reported half year results on 8 August 2018
New analysis by The Australia Institute shows that based on AMP’s annual report, the company tax cut would be a $308.95 million gift over the first decade of the cut to just this one company.
| AMP | $ million |
|---|---|
| Profit 2017-18 | 340 |
| Company tax 2017-18 | 102 |
| Benefit from company tax cut based on 2017-18 profit | 17 |
| Benefit from company tax cut based on expected 2026-27 profit | 25.14 |
| Benefit from company tax cut for decade 2019-20 to 2028-29 | 122.95 |
| Benefit from company tax cut for decade beginning 2026-27. | 308.95 |
When the full cuts come in (2026-27) the lost company tax revenue just to AMP would be the equivalent of employing 341 nurses, 307 secondary school teachers or 254 police officers.
(Based on the average payments for different occupations in May 2016 and updating for the actual and projected wage price index, and projecting forward AMP’s profit.)
Between the Lines Newsletter
The biggest stories and the best analysis from the team at the Australia Institute, delivered to your inbox every fortnight.
You might also like
5 ways and 63 billion reasons to improve Australia’s tax system
With a federal election just around the corner, new analysis from The Australia Institute reveals 63 billion reasons why our next Parliament should improve the nation’s tax system.
Taxes on tampons, tax breaks for luxury utes: gender in the budget
Last week, the federal government announced plans to define menstrual products as “lifestyle-related” and exclude them from NDIS funding.
Business groups want the government to overhaul the tax system? Excellent – we have some ideas.
The landslide win by the ALP has seen business groups come out demanding the government listen to their demands despite having provided them no support, and plenty of opposition, over the past 3 years.