Drug cheats or gold medallists? The ATO’s war with the miners

The Tax Office says the big companies skirt the rules – the industry body says they are star a contributor of public funds. Rio’s $991 million settlement could be just the start.

Tom McIlroyCanberra Bureau Chief

Jul 27, 2022 – 3.53pm

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A “handy amount”. That’s how Anthony Albanese described the almost $1 billion in extra revenue added to the badly stretched federal budget from a landmark settlement with miner Rio Tinto last week.

One of the biggest settlements in the nation’s tax history, the $991 million deal related to Rio’s long controversial Singapore marketing hub and a tax deduction claim associated with financing a company dividend. It could be the first in a series of major settlements with big multinationals coming in the months ahead.

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Tom McIlroyCanberra Bureau ChiefTom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent.