The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of extractive resources. As a member of the EITI since 2005, Woodside is committed to reporting our petroleum tax and fee payments in respect of operations in implementing countries.
Find out more about financial transparency.
Woodside operates within a defined control framework for the identification and management of tax risks at the strategic, operating and transactional levels. Central to this is the Board-approved Group Taxation Policy that mandates a taxation governance and reporting framework. It establishes that the company must comply with all applicable taxation laws and regulations, and, pursuant to these, will pay an appropriate amount of tax. To adhere to the Board’s risk oversight mandate, the Policy provides for a reporting framework to the Board and Audit & Risk Committee. The Tax function reports directly to the Chief Financial Officer. Woodside acknowledges that the payment of tax is a significant way we contribute to the communities in which we operate.
We believe in paying taxes according to where value is created. Arm’s-length principles are applied to international related-party transactions.
Woodside is supportive of transparency initiatives and has adopted the Board of Taxation’s voluntary Tax Transparency Code (TTC). (1)
Ongoing transparent and constructive engagement with government stakeholders in the countries in which we operate is central to achieving our Group Taxation Policy objectives.
Woodside has voluntarily participated in an Annual Compliance Arrangement with the Australian Taxation Office (ATO) since 2013. This arrangement provides a compliance and risk management framework for both income tax and Petroleum Resource Rent Tax (PRRT) under which either party can raise compliance risks and other technical and administrative uncertainties. In addition Woodside discloses details of any material tax risks and issues relating to publicly disclosed or completed transactions. This facilitates an open and transparent relationship between Woodside and the ATO.
Woodside also regularly engages with the ATO on indirect taxes, which include GST and excise, and the WA Department of Mines and Petroleum in relation to the administration of royalties. As an Australian headquartered company with the majority of our producing assets in Australia, these engagements cover the majority of Woodside’s global taxes paid. More information on our tax contribution can be found in the Building a resilient business section.
Read Our Approach to Tax
Find out more about our tax transparency in our Sustainable Development Report.
Find out more about the PRRT debate including Woodside's submissions
Find out more our economic performance and our tax contribution.
(1) Our tax transparency disclosures meet the requirements of the following tax transparency measures:
Woodside seeks to have open and constructive relationships with the governments of all counties where we have a presence. In 2016, the Board strengthened its position on not donating campaign funds for any political party, politician or candidate for public office in any country. Woodside's Code of Conduct was updated accordingly.
Woodside subscribes to attend party political events where those events allow for discussion on policy issues related to our business, the exchange of information and opinions being essential to informed decision-making.
Find out more about political donations.