The Australian Tax Office has moved to take a bite out of Apple by hitting them with a $28.5M tax bill.
The US Company who uses tax havens to minimise their payment of taxes in Australia
In 2011 Apple Australia reported $4.75 Billion in revenue up from $3.58B in the prior year.
After tax profits declared by Apple on the $4.75B was only $27M.
In 2012 Apple Australia reported revenues of $4.9B.
The $28.5 million back tax bill was for statements lodged with the corporate regulator in April 2012.
Apple has declined to comment on the tax bill and it is illegal for the ATO to comment on individual cases.
Several Governments including the Australian and European governments are currently investigating the use of tax havens by Companies like Google, Microsoft, eBay and Apple when operating subsidiaries in Countries like Australia.
Fairfax Media claims that according to company documents filed with Australian, European and Asian authorities, the Australian arms of Apple, Google and eBay are part of complex networks of subsidiaries, held by their US parents through intermediary companies located in tax havens.
More to follow.