The Australian community expects companies to pay their fair share of tax. Our own people and customers feel the same way. Meeting this expectation is important and it’s why we continue to support the Australian Government’s Tax Transparency Code.
This is the 5th year in a row we have disclosed our tax information in response to the code. The code itself is a voluntary one. It is designed to boost transparency within the corporate sector so that those outside of it have a better understanding of how different companies contribute to Australia’s public finances.
Medibank’s Tax Report 2020 sets out the key policies and practices we follow when it comes to taxation. This includes our policy not to engage in tax avoidance schemes or aggressive tax positions. Our effective tax rate of 29.9% in FY20 reflects this position, as does the $379.2 million we paid in taxes and levies to Australian revenue authorities. We made these payments solely in Australia given that 100% of our operations were based in Australia over the period.
We remain committed to the ongoing transparency asked of us through the code and urge other companies to do the same.