Apple's Latest Australian Tax Bill Is Just $80.3 Million After $6 Billion In Local Sales

Apple CEO Tim Cook. Image: Getty.

Apple sold more than $6 billion in products over 12 months but paid just $80.3 million in Australian tax.

The latest numbers show the tax, while small, was more than twice that of the previous year when it paid $36.4 million.

The Australian government is working on ways to ensure large multinationals pay their fair share of tax in the countries where they operate, rather than shifting profits to low taxing nations such as Ireland.

Australia and the US have agreed to the details of an agreement to automatically share tax information to fight companies using global profit shifting to avoid tax.

G20 countries are also cooperating to modernise international tax rules to fight to prevent cross-border tax evasion.

The Senate Economics References Committee is due to start hearings next week for its inquiry into Corporate tax avoidance.

According to papers lodged with ASIC (Australian Securities and Investments Commission), Apple had a pre-tax profit of $251 million for the year ending September 27 compared to $88 million for the previous year.

Fairfax Media reports Apple’s Australia’s $6 billion revenue was reduced by $5.5 billion in cost of sales.

Net profit after tax was $171 million, up from $52 million a year earlier.

Apple is due to report its global December quarterly earnings early tomorrow Australian time.

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