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Roy Hill responds to media claims following the release of the ATO Transparency Report FY17
Following the Australian Tax Office’s release of its Transparency Report for FY17, several media outlets have incorrectly reported Roy Hill’s tax liability within the context of its major shareholder, Hancock Prospecting Pty Ltd (HPPL).
During the 2017 fiscal year, Roy Hill Holdings (Roy Hill) reported approximately $2.0 billion in total sales. As Roy Hill is in its early phases, there was no taxable income due to carried forward losses, given the huge loans it entered into, approximately $7.2 billion to build the project.
Given these loans to enable the project, Roy Hill’s contribution to the Australian fiscal component of the economy continues to significantly increase. Between 2012 and 2018, Roy Hill has paid over $492m in federal and state taxes and royalties.
As a $10 billion mega iron ore project, Roy Hill directly or indirectly employed over 50,000 people during its construction phase. Roy Hill currently provides direct employment for over 2,000 men and women. Tax revenue is created from these employees, employees of contractors and indirect employees.
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