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Apple Oz Tax Bill Jumps $44m

Apple Oz Tax Bill Jumps $44mThe figures have been
disclosed in Apple Oz’s report to the Australian Securities and Investments
Commission (ASIC) for the year to September 27 2014.

The Down Under subsidiary reported pre-tax profit of $251.9 million. The
figures include a foreign exchange gain of $106.4 million, reflecting the
change in value of the Australian dollar.

Net profit after tax was $171.5 million, up 229 percent from the $52.1 million
profit recorded in FY2013.

Revenue was $6.07 billion, down 0.5 percent on FY2013 figures. Observers note
that Apple’s hot-selling new iPhone 6 models hit the local market only on September
19, just days before the end of Apple’s financial year.

Despite the large jump in tax, Apple is still understood to be shifting a major
portion of its profit to Ireland, a noted low-tax nation. The company is
thought to be on of the 25 international technology companies which have been
under investigation by the Australian Tax Office for possible tax avoidance