Google’s 20% tax

Google tax

Google has admitted to paying 20 per cent tax in Australia.

Figures released to the Australian Securities and Investments Commission show it generated revenues of $438.7 million and a profit of $58 million but paid just $11.7 million in tax to the Australian government.

In addition, Google received nearly $5 million in ­research and development tax offsets from the federal government.

These figures in combination with the tax offset mean Google is on a 20 per cent tax rate.

This coincides with reports that Treasurer Joe Hockey is drafting tax changes that complement global action against profit shifting by companies such as Google and Apple. It means a so-called Google tax similar to one in England is on the cards.

 



Business First is a peer-to-peer magazine: written by CEOs and other high level executives, with interviews with some of the country’s best leaders.


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