SYDNEY MORNING HERALD
7 June 2016
Chevron Australia boss Roy Krzywosinski was complaining two weeks ago that taxes were too high in Australia. It was a pretty suave call from Krzywosinski. The latest financial statements for Chevron Australia Holdings show the company not only managed to avoid paying tax last year but it even pulled off a refund from the Tax Office.
The Tax Office wrote the secretive oil giant a cheque for $5.7 million last year. This must be galling. The ATO is locked in a high-stakes slugfest in the courts claiming Chevron owes it $322 million in unpaid taxes. The latest financial statements for Chevron Australia show the company even pulled off a refund from the tax office.
Chevron's operating income was $3.2 billion last year. Yet the interesting thing about these financial statements is the towering $35 billion in related-party loans from Chevron's US parent.