Apple Australia sees increased revenue, profit, and income tax

Apple Australia has revealed it paid just a little more than AU$120 million in total income tax after recording gross profit of AU$966 million during the year to 28 September 2019. 

Compared to the same period last year, the local arm of global tech giant paid AU$164 million in income tax which Apple revealed was due to an extra AU$30 million the company had to pay in back taxes, after cashing in AU$901 million in gross profit. 

The company said for this financial year ended 28 September 2019, it paid out AU$134 million in incomes tax charges, compared to AU$75 million last financial year.

Total revenue this year was higher at AU$9.4 billion versus AU$9.09 billion during the same period last year. 

Of the total revenue reported for this period, product sales of iPhone, Mac, iPad, and other products made up a majority of that amount of just over AU$8.16 billion, while services accounted for the remainder.  

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

Apple Australia also reported that profit after tax for the company came in at nearly AU$287 million for the reporting period, up from the AU$233 million recorded last year, while total income was up AU$353 million from AU$232 million.

The amount of tax paid reported in its financial statement for the Australian Securities and Investments Commission (ASIC) is still in line however, to records that were recorded by the Australian Taxation Office in its fifth annual corporate tax transparency report released at the end of last year.

The 2017-18 Report of Entity Tax Information indicated that Apple Australia, which cashed in just over AU$9 billion in revenue during the period -- the most out of the global tech conglomerates -- handed over just a little more than AU$120 million in tax, which represented just shy of 30% of its AU$403 million taxable income.

In its financials to September 28, Apple Australia revealed that deferred tax assets as of 28 September 2019 was AU$225 million, and total deferred revenue came in at AU$287 million, down from AU$297 million from the corresponding period last year. 

Apple Australia had 4,073 employees as of 28 September 2019. 

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