Apple Australia remained stable during the 2020 pandemic

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Apple’s Australian division reported that earnings, revenue and income taxes remained stable during the financial year through September 26, 2020.

The company said after-tax profit was A $ 288 million, slightly above the A $ 287 million recorded in the previous financial year.

Meanwhile, revenues reached AU $ 9.79 billion after last year’s AU $ 9.39 billion. This was primarily earned through sales of mobile communication devices and personal computers which contributed a whopping AU $ 8.37 billion to total revenue, leaving the services that contributed AUS $ 1.42 billion.

The group paid just under AU $ 120 million in total income taxes for the full year.

See also: How to protect your business from tax fraud (TechRepublic)

Apple had a current tax burden of just over A $ 126 million, deferred taxes of nearly A $ 6.3 million, and excessive provisions of only $ 165,000.

During the year, Apple had 3,896 employees, with salaries and bonuses increasing marginally from A $ 263 million in the previous year to A $ 268 million. Total employee benefit expenses increased by just over A $ 24 million to A $ 446 million.

The immediate and ultimate holdings of Apple Pty Ltd are Apple Operations International Limited based in Ireland and Apple Inc. based in the United States.

Apple was among a handful of tech companies that continued to pay their fair share of corporate tax in Australia during the 2018-19 financial year, the Australian Taxation Office (ATO) Corporate Tax Transparency Report revealed to the end of last year. Other companies that did the same included Microsoft, Facebook, Samsung Electronics, Amazon Web Services, Cisco, Dell, Equinix, and Huawei Australia.

The ATO said that “the percentage of companies that have not paid income tax remains stable at 32% in 2018-19 compared to 2017-18”.

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Through: www.zdnet.com

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