Business
Google, Facebook’s $6b tax break – The Australian Financial Review
There’s no level playing field. With only a fifth of their Australian earnings taxable and no turnover tax, tech giants will always always win any tussle with local media companies.
While Google and Facebook had estimated Australian sales of $7.4 billion in the year to December, Google and Facebook reported local sales of only $1.4 billion as taxable, representing a $6 billion tax break.
Facebook is particularly coy with its numbers, reporting Australian cash revenue of only $709.5 million last year, of which only $167 million was Australian revenue.
Drilling down, Facebook Australia “bought” advertising inventory from Facebook in Ireland for $508 million, and resold it i…
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