Indian conglomerate Adani reported no company tax liability from its Carmichael thermal coal operations in Queensland despite generating $963.5 million in revenue during the 12 months ending March 31. According to financial accounts reviewed by Guardian Australia, the mining project recorded a $340.6 million loss for the period after accounting for production costs and related-party logistics expenses, which eliminated its tax obligation.
Since beginning operations in 2021, the Carmichael mine has never paid corporate income tax, contrary to previous company statements suggesting the project would contribute billions in taxes and royalties to the Australian economy. During the most recent reporting period, Adani Mining paid $58 million in state royalties and an additional $33.1 million in royalties to a related party.
Tim Buckley, director of Climate Energy Finance and former investment banker, characterized the arrangement as indicative of corporate structuring designed to minimize Australian tax liability. He called for regulatory changes that would restrict the deductions foreign-controlled businesses can claim to reduce their tax obligations.
Adani Mining’s spokesperson emphasized the company’s compliance with taxation and royalty requirements under Australian accounting standards and corporate law. The company noted that the Carmichael operations provided direct employment for more than 1,400 Queenslanders during the financial year.
Separately, Adani’s port terminal business at Abbot Point, operating as North Queensland Export Terminal, also reported no company tax despite earning $356.6 million in revenue, with operating expenses resulting in a $6.8 million loss. Terminal executives stated the accounts reflect the capital-intensive requirements of major export infrastructure operations and reaffirmed the facility’s contribution to Queensland’s trading sector.
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