Indian conglomerate Adani will pay no company tax, despite its Carmichael thermal coal operations in Queensland generating almost $1 billion in revenue over the past year. Financial accounts for the 12 months to 31 March show the operations used significant costs, including production and related party logistics expenses, to offset its $963.5 million revenue.
This strategy resulted in a recorded loss of $340.6 million for the year, effectively eliminating its tax bill. Analysis of company accounts indicates the mining project has not paid corporate tax since its opening in 2021, despite previous pledges from Adani regarding billions in taxes and royalties.
Adani Mining's accounts confirm $58 million was paid in royalties to the government during the 12-month period, with an additional $33.1 million royalty paid to a related party. Tim Buckley, director of Climate Energy Finance, suggested the company's structure is designed to avoid corporate tax in Australia.
A spokesperson for Adani Mining stated the project provided over 1,400 direct jobs in Queensland last financial year and confirmed compliance with state and commonwealth taxation and royalty obligations, with outcomes determined by Australian accounting standards.
Separately, the Adani-controlled Abbot Point port business, North Queensland Export Terminal, also reported no company tax payment for the most recent 12-month reporting period, despite earning $356.6 million. Operating expenses led to a $6.8 million loss for the terminal business.