By political reporter Jackson Gothe-Snape
Posted July 25, 2019 at 10:40pm
Google-affiliated drone delivery firm Wing has been accused of profit shifting during its world-first service currently rolling out in Canberra.
Financial results lodged with ASIC revealed Wing recorded payments of $3.2 million to the Alphabet group of companies, which includes Google, in 2018.
After accruing more than $5 million in revenue in Australia, the tax expense for the local arm was noted as $144,434.
Australia’s company tax rate is 30 per cent, or approximately one third of profit.
Jason Ward, the principal analyst at the Centre for International Corporate Tax Accountability and Research, said the company was shifting profits and failing to fully detail its Australian finances.
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