On paper, local developer Geocon had a successful year in 2023-24, reporting an annual income of $538 million across three of its entities.

However, the company paid no tax on the income, reporting losses for the year, which it attributes to the impacts of COVID-19.

The three Geocon firms are among a long list of companies with multi-million-dollar incomes and no tax bill, as revealed in the latest data from the Australian Taxation Office.

Together, Geocon Land Holdings Group Pty Ltd, Geocon Constructers (ACT) Pty Ltd and Developer Group Holdings Pty Ltd, reported a combined income of just more than $568 million in the 2023-24 financial year, but no taxable income.

There are a range of reasons why a company might not pay income tax in a financial year, including an accounting or tax lo

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