This includes complying with all relevant tax laws and maintaining open and respectful relationships with relevant tax authorities.

We’re also committed to not participating in tax evasion or aggressive tax planning, or providing tax advice to third parties.

In 2022, approximately 45% of Lendlease’s revenue was derived from our regional businesses in Asia, Europe and the Americas, and approximately 55% was generated from operations in Australia.

Corporate tax is paid by Lendlease Corporation Limited (and its subsidiaries) in line with the relevant corporate tax law of the jurisdiction in which income is generated. In 2022 Lendlease paid $88 million in corporate income tax globally, with Australian corporate tax paid of $29 million.

The corporate tax rates applying to our regional businesses differ to the Australian corporate tax rate of 30%. Some jurisdictions in which Lendlease operates have corporate tax rates higher than Australia (e.g. US and Japan); while other jurisdictions have lower corporate tax rates (e.g. Singapore and UK).

Lendlease’s 2022 Tax Report provides a detailed overview of Lendlease’s approach to tax and tax contributions made to Australian State and Commonwealth governments, as well as governments in overseas jurisdictions.