Companies' transparency around their financial payments to governments is critical for confidence and stability in our fiscal, political and regulatory regimes.
We create shared value and maintain our social licence to operate by paying taxes due under law, funding community programs, supporting local businesses and offering local employment opportunities.
We do not donate to campaign funds for any political party, politician or candidate for public office in any country.
Tax: We pay our way
We're a significant taxpayer in Australia, where the majority of our producing assets are located and 95% of our taxes are paid. Over the past five years, we have paid approximately A$4.9 billion in tax.
In 2018, Woodside paid A$894 million in tax and royalties to Federal and State Governments of Australia, with an effective income tax rate near to the current Australian corporate tax rate (30%).
Commodity prices, production levels and capital and operating expenditure are among the factors that influence each year's tax.
|Australian tax contribution (cash basis)|
|Corporate income tax||555||537|
|Petroleum Resources Rent Tax (PRRT)||(3)||(8)|
|Fringe benefits tax||5||3|
The Tax Transparency Information sheets available on this page provide additional context to the Australian Tax Office (ATO) tax data releases as relating to Woodside for the relevant income year. This information is reported by the ATO on an accruals basis.
Woodside regularly engages with governments of countries where we are active. We believe that the exchange of information and views is essential to mutually-informed decision making.
Our political contributions are approved by the Board and published by the Australian Electoral Commission (AEC).
In the 2017-18 year, we paid A$237,300 to registered political parties in Australia, comprising A$110,000 to renew two memberships: the Federal Liberal Party Australian Business Network and the Australian Labor Party Federal Business Forum. A$17,300 was spent on attending state and federal political conferences and events.
In November 2017, Woodside made a submission to, and appeared before, the Australian Federal Parliament Senate Select Committee Inquiry into the Political Influence of Donations. The Committee Chairman expressed the view that Woodside was not required to declare routine memberships of political parties’ business forums to the AEC. While current rules for disclosure are still to be clarified, we're continuing to voluntarily include memberships in our declarations.