CSL and Optus pay millions to executives despite paying no company tax in Australia
Biotech company argues high pay is required to retain and attract ‘world-class’ talent
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Some of the nation’s biggest companies – including biotechnology giant CSL, telco Optus and oil and gas producer Santos – regularly spend more on bonuses for their chief executives than they pay in company tax in Australia, new analysis shows.
The finding, described as “a bit rich” by a tax expert, rubs against an ordinary understanding of bonuses, which would typically rise when an executive helps drive a company’s performance. This in turn would lead to a bigger take from the Australian Taxation Office.