Google Australia recorded a net loss of A$3.9 million on operating revenue of $201 million in the financial year ended December 2011, paying only $74,176 in local taxes, The Australian reports, following a dig at the Australian Securities and Investment Commission.

The result contrasts markedly with IBM Australia’s report for the same period. Big Blue reported a net profit of $309.5 million on total revenue of $4.5 billion, and paid $119 million in local taxes.

The latest result by Google follows losses of $3.1 million in 2010 (when it paid tax of $1.13 million); $4.4 million in 2009; and $8.8 million in 2008 – a total of $20.2 million lost in the four years.

The Oz notes that Google Australia’s total local revenue of $201 million comprised $200 million for services provided under agreements with its US-based parent, Google Ireland and Google Asia Pacific, plus $1 million in interest income.

Local advertising sales revenue is billed through Google Ireland, taking advantage of Ireland’s low corporate tax rate.