Integrated Accounting Research: Factors Affecting Effective Tax Rate Of Australian Companies

Main body

Discuss about the Integrated Accounting Research.
 

The company’s tax burden use to be expressed as a percentage of the company’s accounting income, which may not essentially be equivalent to the constitutional rate of the corporation tax. A company’s effective tax rate (ETR) can be varied from the applicable constitutional rate in a specific year[1]. This difference is an indication of the use of any tax protection as well as any pertinent rebates along with the credits. Although, it has been assumed that specific firm features mostly size possibly affects company’s Effective tax rate (ETR). This is a significant policy issue for pertinent tax authorities. In case of any company’s features are prone to drive effective tax rate (ETR) away from the corporation taxes standard rate[2]. In order to search the answer of this specific question the large Australian company’s panel data set is utilized. A model of effective tax rate (ETR) has been derived as well as implicit constitutional restrictions are also derived. These types of restriction are examined as well as established to be valid.

The outline of the paper   is as follows, the paper mainly illustrates on the major elements of the Australian corporate taxation system[3]. The present literatures on the modeling of corporate tax burden have been reviewed. The data are depicted in order to give theoretical emphasizing of the following practical analysis. 

The main objective of the research study is to recognize the potential reasons as well as to identify the factors for which vary the effective tax rate of a firm from constitutional applicable rate of tax for a specific taxation year[4].

The research questions help in carry out the research to the right direction so that the researcher can be able to accomplish the research objectives of the undertaken research study. The research questions use to be formed according to the research objectives[5]. For the undertaken research on effective tax rate the following research questions has been furnished by the academic scholar. 

Question 1)

What are the main reasons of varying effective tax rate (ETR) paid by the Australian companies from the constitutional rate of corporate tax?

Question 2)

Is the use of tax shield, can make any difference to the effective tax rate (ETR) from genuine applicable rate of tax for a specific taxation year?

Question 3)

Are applicable credits as well as rebates affects the effective tax rate (ETR) of a firm?  

Research objectives

In the late eighteenth of the establishment, the Australian colonies also operated in the separation of the economies that are created for the up liftment of the federation in the year 1901. The primary revenue systems are also incorporates in the form of the indirect taxes and hence the customs and the duties are also formed a part of the Australian Taxation system[6]. With the increment of the public demand for the expenditure, the attention for the revenues in the case of the services and the non-services increased with the increment of the perceived equity and the economic prosperity between the colonies. The eighteenth century also helps in the creation of the regressive of the products that are included with the exporting of the taxation goods and the other items that are included for the effective usage of the taxation system. Early customs and the exercise duties are largely imposed on the products of the tobacco and the alcohols that are generally imported and exported for the consumption of the colonies[7]. These custom duties lead to the generation of the well known taxation system and hence the equivalent reporting was introduced on the duties. In this stage of the transaction, the Australian government achieves the manufacturing development of the goods and the goods are produced for the growth of the country. The charges also help in the creation of the proper introduction of the companies and hence the administration of the issues can be properly indicated in the form of the public legal clerks and the judges. For the proper licensing of the business, the license revenue was gathered in the form of the ease administration and hence different sections are allotted for carrying out the necessary steps of the revenue system in Australia. With the enhancement of the system in Australia, the colonial attitude towards the tariff became the main political division and hence the custom duties and the tariffs are heavily relied on. The colonial economic enhancement is seemed to be drastically increasing with the enhancement of the approaching limits and henceforth the alternative sources are focused for the creation of the proper revenues for the sources. The revenues are also reflected with the development of the economic patterns and hence the increment of the revenue tariffs is seen in the case of the early taxation system. 

When the income tax system is introduced in the year 1915, the companies of Australia are taxed on the profits with making the deduction of the dividends which are generally paid out by the shareholders and from the accumulated profits also. The shareholders are generally rebated out of the taxes at the lesser rates with compensating the tax rates of the company. This system generally helps in the administration in an awkward manner, helps in the record keeping process and the also helps in notifying the changes made in the tax rates with the variation of the years and the changes of the profits[8]. In the year 1922, the system of taxes and the revenues were implemented in almost all the companies with the new upcoming industry at that time and hence the system of non-refunding was rebated during that time. Hence it is applied on the all the dividends for the purpose of receiving the full rebate of the company tax paid. Thus the lowering of the marginal rates differentiated between the company tax rate and the marginal tax rate which seemed to be deprived of the rebates[9]. In the year 1940- 1986, the Australian Taxation system creates the classical forms of the taxation system in which the involvement of the profits is seemed to be more and henceforth the Imputation System was introduced. This system of the taxation is prioritized by each and every business firms of Australia which helps in the removal of the prior taxation system with the enhancement of the classical system. This system helps in solving the equity and the efficiency problems that are solved for the proper continuation of the wages and hence the offset of the taxes are created with the creation of the bias in the debt and the combined capital gain taxes[10].

Research Question

Under the imputation system of Australia, the shareholders are facilitated with receiving the credit for the tax paid and hence the elimination of the double taxation system for the dividends are created. Hence the marginal tax rates lies below the tax rate imposed on the company with the increment of the salary of the workers. The full refunding of the excess taxes are credited for the residents and hence the resident shareholders are introduced for the imputation of the taxation system in Australia. Thus the imputation system of the taxes also helps in the operation of the company’s income taxes and also helps in withholding the income taxes of the Australian residents through the companies. The resident companies of Australia are also charged for the taxes on the basis of the income generated by the company[11]. Henceforth the reduction of the tax rates is recently observed in the country with the removal of the accelerated depreciation system in the country of Australia.

The statutory tax rate for 30 percent companies situated in the country Australia is seemed to be close to or below average. For this reason the GDP is very much responsible for the weighing of the OECD average which seemed to be lying in between 28 percent to 31 percent. The higher the weighing of the average, more the reflection is created on the average of the OECD and hence it also is dependent on the economy rates of the country[12]. In taking into account of the surfaces and the sub normal taxes, the generation of the company income is seemed to be more than the comparison of the rates and hence the favorable conditions are also generated for making proper considerations of the tax rates. Henceforth the GDP weighing is seemed to be slightly greater than the OECD average that is the increment lies from 29.96 percent to 37 percent. 

The above graph shows the Australia’s 30 percent rate of the increment of the immediate sources that are compared with the other foreign direct investments that are taking place in the country of Australia[13]. Thus the major destinations are also created overseas by the Australian company which is the United Kingdom, New Zealand and the United States.

The effective tax rates are seemed to be more than the actual tax that are payable against the actual income. Thus the differentiation is created from the statutory tax rates because of the differentiation of the taxable income difference are created from the actual income. The example that seems to be most suitable for this case is the accelerated depreciation with the inclusion of the other features of the taxation laws with the tax offsets[14]. Various methods of the representation of the representation of the effective tax rates for companies are made by the researchers but the effective tax rates are readily unobservable. Thus while considering the international comparisons, the country’s national ranking varies with the variation of the effective tax rate measure adopted by the particular country. For the measurement of the effective tax rates, the methodologies of the comparison of the historical data, inadequate data with the time are made between the countries. Thus the robust of the estimates are made with the increment of the complexities in the estimates are highly stylized and thus the relevant aspects are also created for each and every aspects of the taxation system. 

Literature Review

Australian company taxes are seemed to be implemented on the Australian resident of the companies and the other foreign companies also. This helps in the increment of the Australian Government Tax Revenues[15].  For various reasons the taxes are feasible for which the two basic roles of the Australia’s company income tax satisfy the conditions that are as follows:-

• Withholding the tax on the earned income of the resident companies of Australia.
• Tax impounded on the income earned by the foreigners through the Australian Branch of the Foreign Company or the Australian Branch of the Foreign Company[16].

These are the two reasons that play the basic roles and other roles includes the companies with the legal and separate identity and the limited liability status of the companies are given as the secondary importance.

The purpose of the research study was to review as well as critique the research that evaluate the factors which use to be the main cause of varying the effective tax rate that are paid by the companies and the statutory tax for the corporate running business in Australia[17]. Besides this, the academic researchers has tried to gain as much as possible knowledge and information on the specific topic of effective tax rate given by the companies doing business in Australia basically the large companies, which implement several strategies like tax protection or tax shield instruments as well as tax rebates and tax discounts help the firm to reduce the effective tax rate for the companies so that the company provide much lower tax rate compared to the statutory rate of the taxation office of Australia[18]. There are many research conducted in this topic in past recent years some of which are thoroughly reviewed for effective outcome of the research as it help in getting relevant as well as efficient information on the undertaken research topic.    

There are several different research questions are not completely solved thus they remain unsolved. In this scenario the opportunities left for the future researcher to solve the unsolved questions[19]. There are great scopes for the future researcher in this specific topic of effective tax rate, which use to vary with the statutory tax rate and the paid tax rate by the firm. Basically the big firms of Australia largely cut down the effective tax rate from statutory tax rate by their effective taxation policies and strategies. There are many question unsolved such as the accurate role of discount and rebate in varying the effective tax rate of the companies.     

The effective tax rate is referred to as the average tax rate at which a corporation or an individual is taxed. Therefore, it is the average rates at which the income earned by an individual is taxed. On the other hand, effective tax rate for the firm is the rate at which the tax profits of the company is taxed[20]. The tax rate for the organizations is estimated by dividing the total tax expenses of the company earns before tax. It is net tax rate that the taxpayers pays in the form of taxes and are divided by the taxable income. Therefore, the effective tax rate represents the tax liability of the tax payer than the marginal tax rate of the tax payer. The organizations with same marginal tax may have different tax rates depending on the income earnings[21]. The effective marginal tax rates estimates the proportion of the earnings that is taxed. The effective tax rate are important for a country as it helps the government to gather more funds that can be used for the development of the country.

Early Taxation

In order to compare the effective tax rate the companies that have been taken are Woolworths, Wesfarmers, BHP Billiton, Rio Tinto, and Myer. Woolworths is the largest supermarket chain and having stores in Australia operating more than 960 stores in the country, support offices and distribution centers to provide the customers with value, range, superior services and convenience[22]. The main objective of the organization is to provide best quality products to the customers.

Westfarmers has become one of the largest listed organizations in Australia. The company operates wide business operations which includes supermarkets, hotels, liquor, home improvement, convenience stores, department stores, and industrial division which includes fertilizers and energies, chemicals, coal and safety and industrial products[23].  

BHP Billiton Limited is a global resource organization that engaged in development, exploration, processing, production and marketing of the minerals such as metallurgical, coal, aluminum, copper, iron ore, uranium, manganese, silver, potash and nickel[24].

Rio Tinto is the global leading metals and mining company. The main focus of the company is finding, processing and mining the mineral resources of the earth with the aim of maximizing the value for the shareholders.

Myer is the largest department store group in Australia and offers wide range of products which includes Menswear, Womenswear, Childrenswear, Beauty, Intimate apparel, cosmetics, fragrance, Electrical goods, Homewares, Toys, handbags, Footwear  and accessories[25].

Income Statement

The income statement shows the financial results o f the company for the time period.  It shows the expense, income, revenue, profit or loss of the company[26]. It measures the financial performance of the companies and shows how the company incurs expenses and revenues through non operating and operating activities[27]. The net profit or loss is also shown in the income statement of the companies.  The statement shows revenue, tax expense, profit or loss and other comprehensive income. The provision for the income taxes is the amount that an individual or a business expects to pay as the income taxes for the accounting year. It is the amount of provision that is estimated by adjusting the net income of business. The figure of adjusted income is then multiplied buy income tax rate to get the provision for the income taxes. However, the provision for income tax can be altered to an extent by tax amount planning that an organization engages to eliminate or defer the income tax liability[28]. The size of the provision significantly varies from one taxpayer to another based on the tax planning liabilities. The planned provision for the income taxes included in the budget of the company.       

WOOLWORTHS LTD  (WOLWF) CashFlowFlag INCOME STATEMENT
Fiscal year ends in June. AUD in millions except per share data.	2014-06	2015-06
Revenue	60952	60868
Cost of revenue	44475	44345
Gross profit	16478	16524
Operating expenses
Sales, General and administrative	10063	3499
Other operating expenses	2882	9983
Total operating expenses	12945	13482
Operating income	3532	3042
Interest Expense	278	255
Other income (expense)	260	281
Income before income taxes	3515	3068
Provision for income taxes	1057	930
Minority interest	7	-9
Other income	7	-9
Net income from continuing operations	2458	2137
Net income from discontinuing ops
Other	-7	9
Net income	2452	2146
Net income available to common shareholders	2452	2146
Earnings per share
Basic	1.97	1.7
Diluted	1.95	1.7
Weighted average shares outstanding
Basic	1248	1257
Diluted	1253	1260
EBITDA	4789	4465

Company Income Tax

 The income statement of Woolworths limited shows the income, expense, profit or loss and provision for income taxes for the accounting year 2014 and 2015. The net income of the company has increased from the year 2014 to 2015 from AUD 2452 millions to AUD 2146 millions. The provision for the income taxes of the company in the year 2014 was AUD 1057 millions and it has decreased in the year 2015 up to AUD 930 millions[29]. Therefore, it shows that the company pays income tax in the year 2014 is much more than in the year 2015. The income statement shows the amount of tax paid by the company in the year 2014 and 2015. 

WESFARMERS LTD  (WES) CashFlowFlag INCOME STATEMENT
Fiscal year ends in June. AUD in millions except per share data.	2014-06	2015-06
Revenue	60181	62102
Cost of revenue	41543	43145
Gross profit	18638	18957
Operating expenses
Sales, General and administrative	9413	9787
Other operating expenses	6677	6086
Total operating expenses	16090	15873
Operating income	2548	3084
Interest Expense	346	315
Other income (expense)	342	675
Income before income taxes	2544	3444
Provision for income taxes	939	1004
Net income from continuing operations	1605	2440
Net income from discontinuing ops	1084
Net income	2689	2440
Net income available to common shareholders	2689	2440
Earnings per share
Basic	2.39	2.16
Diluted	2.38	2.16
Weighted average shares outstanding
Basic	1126	1129
Diluted	1128	1131
EBITDA	3972	4811

The income statement of Westfarmers Limited shows the income, expenses, profit or loss and provision for income tax of the organization for the year 2014 and 2015. The net income of the company has decreased from AUD 2689 millions in the year 2014 to AUD 2440 millions in the year 2015.  The provision for income taxes in the year 2014 was AUD 939 millions and it has increased to AUD 1004 millions in the year 2015[30]. Therefore, it shows that the tax paid by the company in the year 2015 is more than the year 2014.  

MYER HOLDINGS LTD  (MYGSF) CashFlowFlag INCOME STATEMENT
Fiscal year ends in July. AUD in millions except per share data.	2014-07	2015-07
Revenue	2741	2772
Cost of revenue	1455	1495
Gross profit	1286	1277
Operating expenses
Sales, General and administrative	2007	1642
Other operating expenses	-875	-424
Total operating expenses	1132	1219
Operating income	154	58
Interest Expense	23	23
Other income (expense)	7	14
Income before income taxes	138	49
Provision for income taxes	40	19
Minority interest	0
Other income	0
Net income from continuing operations	99	30
Other	0
Net income	98	30
Net income available to common shareholders	98	30
Earnings per share
Basic	0.17	0.05
Diluted	0.17	0.05
Weighted average shares outstanding
Basic	585	586
Diluted	593	586
EBITDA	250	157

 The income statement of Myer Holdings limited shows the income, expense, profit or loss and provision for income taxes for the year 2014 and 2015. The net income of the company has decreased from the AUD 98 millions in the year 2014 to AUD 30 millions in the year 2015[31]. The provision for income taxes in the year 2014 was AUD 40 millions and it has decreased to AUD 19 millions in the year 2015. Therefore, the tax paid by the company in the year 2014 is more in comparison to the year 2015.

BHP BILLITON LTD ADR  (BHP) CashFlowFlag INCOME STATEMENT
Fiscal year ends in June. USD in millions except per share data.	2014-06	2015-06
Revenue	67206	44636
Cost of revenue	23385	14899
Gross profit	43821	29737
Costs and expenses
Research and development	43	13
Sales, General and administrative	7662	5607
Depreciation and amortization	8701	9158
Interest expense	617	418
Other operating expenses	4562	6485
Total costs and expenses	21585	21681
Income before income taxes	22236	8056
Provision for income taxes	7012	3666
Net income from continuing operations	15224	4390
Net income from discontinuing ops		-1512
Other	-1392	-968
Net income	13832	1910
Net income available to common shareholders	13832	1910
Earnings per share
Basic	5.2	0.71
Diluted	5.18	0.71
Weighted average shares outstanding
Basic	2660	2659
Diluted	2669	2666
EBITDA	31554	17632

The income statement of BHP Billiton limited shows the income, expense, profit or loss and provision for taxes for the year 2014 and 2015. The net income of the company has decreased AUD 13832 millions in the year 2014 to AUD 1910 millions in the year 2015[32]. The provision for income taxes has decreased from AUD 7012 millions in the year 2014 to AUD 3666 millions in the year 2015. Therefore, the company has paid income tax in the year 2014 is much more in comparison to the year 2015.  

RIO TINTO PLC ADR  (RIO) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data.	2014-12	2015-12
Revenue	47664	34829
Cost of revenue	34657	27919
Gross profit	13007	6910
Costs and expenses
Interest expense	649	750
Other operating expenses	2806	6886
Total costs and expenses	3455	7636
Income before income taxes	9552	-726
Provision for income taxes	3053	993
Net income from continuing operations	6499	-1719
Net income from discontinuing ops
Other	28	853
Net income	6527	-866
Net income available to common shareholders	6527	-866
Earnings per share
Basic	3.53	-0.47
Diluted	3.51	-0.47
Weighted average shares outstanding
Basic	1848	1825
Diluted	1859	1825
EBITDA	15061	4669

The income statement of Rio Tinto Plc shows income, expense, profit or loss and provision for income taxes for the accounting year 2014 and 2015. The net income of the company has decreased from AUD 6527 millions in the year 2014 to AUD -866 millions in the year 2015[33]. The provision for income taxes has decreased from AUD 3053 millions in the year 2014 to AUD 993 millions in the year 2015. Therefore, the company has paid more in the year 2014 in comparison to the 2015.

Comparison of Statutory Companies Tax Rates in Australia

The provision for income taxes shows the amount of tax paid by the organizations in the year 2014 and 2015. The amount of tax paid by the company depends on the profits earned by the companies and rate of tax implemented by the government in the following years. 

Woolworths Ltd	2014-06	2015-06
Tax Rate %	30.06	30.33

 

The income taxes in consolidated statement of the profit or loss consist of deferred and current tax.  The income tax shows the amount that is paid to the taxation authorities on the taxable income for the accounting year on the basis of the tax rates[34]. The deferred tax is estimated using the method of balance sheet showing differences between the carrying liabilities amount and asset amount for taxation purpose and financial reporting.

The effective tax rate of Woolworth’s limited shows that increased from 30.06% to 30.33% from the year 2014 to 2015. The tax rate of the company has increased from the year 2014 to 2015. 

Wesfarmers Ltd	2014-06	2015-06
Tax Rate %	36.91	29.15

The current tax liabilities and assets are estimated at the expected amount that paid to the taxation authorities or to be recovered at tax laws and tax rates substantially performed by balance sheet. The deferred income tax are estimated at rate of tax that are applied during the year when the liabilities are settled and assets are realized based on the tax laws and tax rates[35].   

The effective tax rate of Wesfarmers Ltd has decreased from 36.91% in the year 2014 to 29.15% in the year 2015. The tax rate of the company has decreased from the year 2014 to 2015.

Myer Holdings Ltd	2014-07	2015-07
Tax Rate %	28.8	39.17

The income tax is paid on the taxable income of the current accounting period based on national tax rates adjusted by the changes in the deferred tax liabilities and assets attributable to difference between bases of tax of liabilities and assets and carrying the amounts in the financial statements[36]. 

The effective tax rate of Myer holdings limited has decreased from 28.8% in the year 2014 to 39.17% in the year 2015. The tax rate of the company has increased from the year 2014 to 2015.

Rio Tinto PLC	2014-12	2015-12
Tax Rate %	31.96	27.04

The income tax is payable on taxable income of accounting year on the basis of tax rate. The adjustments are there for the expected tax recoverable or payable in respect to the previous year. The deferred tax is estimated as per the IAS 12 and the group provides the deferred tax for the fair value adjustments on the acquisitions[37]. The deferred liabilities and assets are recognized for the differences at the tax rates that are expected to be applied when the liabilities are settled and assets are recovered based on the tax rates.

The effective tax rate of Rio Tinto Plc has decreased from 31.96% in the year 2014 to 27.04% in the year 2015. The tax rate of the company has decreased from the year 2014 to 2015.

BHP Billiton Ltd	2014-06	2015-06
Tax Rate %	31.53	45.51

The accounting tax effect is applied in respect of the corporation tax. The provision is basically made for the deferred tax assists and liabilities that represent the effect of tax differences that arise from recognition in accounts of the items of expenses and re venue in the periods that are deductible or taxable for the tax purposes[38]. Therefore, deferred liabilities and assets are measured at tax rates.  

The effective tax rate of BHP Billion Limited in the year 2014 was 31.53% and it has increased to 45.51%. The tax rate of the company has increased from the year 2014 to 2015. 

Conclusion

The government has taxed to the companies, which are carrying out the business activities within the country in order to fill the wealth of the government, which is used to fund the essential expenditure of the government such as it helps in managing law and order of the country, to perform the necessary infrastructure development of the country, to fund the initiation of the government to provide the essential or basic need to the people of the country[39]. The government charge tax to the firms and the firm use to apply various strategies and policies to reduce the tax consequences of the company. In this way the companies get success in reducing the tax burdens on the companies. The research study recognize as well as shows the determinates which have significant role in differentiating the effective tax rate (ETR) of the companies with the tax rate provided by the government for the corporations or statutory tax rate for the corporation. From the research it is clearly observed that the tax shield like insurance policies, donations have great role in varying the effective tax for the companies. Beside this, the tax discount and tax rebate has significant contribution in varying the effective tax rate (ETR) for the companies.

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