ATO Audit Finds Apple Up-To-Date On Taxes
An audit by the Australian Tax Office has found that Apple Australia is up to date on its taxes, and will not result in any penalties being imposed for the 2012-2016 financial year period.
The managing director of the tech giant’s local operation Tony King told the Senate Economics References Committee on Corporate Tax Avoidance that all of its corporate taxes were up to date.
“We are a compliant taxpayer everywhere that we operate in the world,” King said (via The Australian).
Apple was hit by a $128 million tax bill in the 2016 financial year, including a $58.4 million adjustment for previous years, with revenue of $7.5 billion.
King said that Apple Australia will “continue to engage only with the ATO as to our current and future taxes” and that the recently introduced multinational tax avoidance laws would not impact the company.
“The anti-avoidance legislation is designed to look at companies who have their books and records, unlike Apple, on an offshore basis.”
“Apple continues to have a straightforward business model here in Australia that has essentially remained unchanged for decades… We buy, distribute, and sell Apple’s products to resellers and customers — the revenue from which is all recorded locally in our accounts,” King said (via Business Insider and ZDNet).