Relationships
Effective tax rate
During FY23, AGL contributed a total of $431 million in taxes. Our effective tax rate on Underlying Profit is broadly in line with the Australian corporate tax rate of 30% before prior year adjustments and the R&D concession. Similar to the prior year, relatively small R&D benefit and prior year adjustments have a larger percentage impact on the effective tax rate where profit before tax is low.
FY19 | FY20 | FY21 | FY22 | FY23 | |
|---|---|---|---|---|---|
Effective tax rate | 29.1% | 28.3% | 27.0% | 23.2% | 26.7% |
Notes
Effective tax rate refers to underlying income tax expense expressed as a percentage of Underlying Profit.