Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Obviously you have highlighted a further tax concession that is available for the mining industry. It is available to other sectors, but certainly the mining industry make extensive use of that concession to reduce the overall level of the tax they pay. As I have already mentioned, the effective company tax rate in the mining sector is 17 per cent, which is very, very considerably less than the full company tax rate of 30 per cent. As I was saying, in the past when companies have funded advertising campaigns or funded their respective industry associations—so it is not just a matter of a company spending the money directly but also through the conduit of an industry association—that has frequently been allowed as a tax deduction. So, presumably, the effective company tax rate of some 17 per cent at the present time would drop lower after they claimed the cost of their advertising. (Time expired)