Apple, Google, Facebook and Microsoft earn billions of dollars a year in Australia, and Assistant Treasurer Stephen Jones has said he expects multinationals to “pay their fair share”.
Some of the world’s biggest tech companies report as little as 5 per cent of their total Australian revenue is taxable, as Assistant Treasurer Stephen Jones says the government will hold large multinationals to account on their tax obligations.
On average over the past nine years, Google Australia has paid 21.8 per cent of its taxable income as income tax.Microsoft and Microsoft Datacenter reported a total income of $28 billion over the same period and a taxable income of $2.3 billion, which is 8.1 per cent of its total income. Of that taxable income, $673 million, or 29.4 per cent, was paid in income tax.
Lucinda Longcroft, Google’s director of government affairs and public policy for Australia and New Zealand, said that in 2022 Google Australia made a pre-tax profit of $366 million, which resulted in an income tax bill of $122 million – triple the income tax paid by Google in 2017. That digital future initiative has been invested in projects that include work with the CSIRO and other organisations to conserve Tasmania’s giant kelp, and a project with Cochlear, Macquarie University Hearing and others to explore how artificial intelligence can be used to help fix issues in hearing technology.
“Transparency is an important market and social responsibility of any corporation, including digital platforms,” he said.
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