Uber Oz Revenue Doubles To $45m
Ride-sharing service Uber Australia more than doubled its annual revenue in the year to June 30, according to a report lodged with the Australian Securities and Investment Commission (ASIC). It showed that Uber Australia’s revenues reached $36.4 million in the latest year, up from $18.1 million in 2014-15.
Its revenue is generated from the 20 percent cut it takes from every Uber ride; the drivers score the remaining 80 percent. Uber is believed to have about 42,000 drivers across Australia.
But not all sales are counted. Uber told the recent Senate inquiry into corporate tax avoidance that it only counts 75 percent of each transaction in Australia.
The other 25 percent – is routed through the Netherlands, a low-tax jurisdiction. That suggests the total revenue for the latest year would have been more like $45 million. Uber put its Australian profit at just $1.8 million for the year to June 30.
The Australian Tax Office has said it is reviewing or auditing 35 e-commerce companies for routing income through low-tax nations such as Singapore, Ireland or the Netherlands, but it has not named them.