Billionaire Gina Rinehart has staked a claim to being the nation's greatest individual taxpayer after her Hancock Prospecting business posted a bumper profit fuelled by strong iron ore prices and the ramping up of new mine operations.

Accounts lodged with the corporate regulator on Wednesday show profit for Mrs Rinehart's Hancock Prospecting Group was $1.37 billion for the year to June 30 up from $1.07 billion the previous year.

Gina Rinehart's mining business performed well last year.

A statement released alongside the accounts showed that Hancock Prospecting paid $860 million in federal and state taxes in the 2018 financial year.

"Mrs Gina Rinehart, personally and through the HPPL [Hancock Prospecting] private group, pays more tax than any other Australian," it says, adding that Hancock was one of the nation's largest corporate taxpayers based on official data.