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News - Written by Renai LeMay on Monday, May 2, 2011 17:12 - 6 Comments
Google Australia claims 2010 financial loss
The Australian division of search giant Google has filed financial accounts with the nation’s corporate regulator stating it made a loss of $3.08 million in 2010, paying just $7.4 million in taxes as a result, off local revenues of $151.39 million.
The company’s listed revenues jumped substantially over the 12 months, according to the statement, rising from $110.31 million in 2009, to $151.39 million for the year to December 31, 2010. Google’s biggest local cost was its 434 employees – which soaked up some $111.6 million in the period, meaning their average salary was a whopping $257,000.
However, the company also spent a great deal on advertising and promotional expenses — $10.53 million in 2010. Other major expenses included travel and entertainment – which was $7.13 million.
The company’s basic profit and loss statement only listed tax costs of $1.1 million, although the company was actually slated to pay some $7.4 million in taxes in 2010. However it balanced that figure out with deferred tax payments and adjustments.
At the end of the year, Google Australia was holding some $21.3 million in cash and cash, as well as $34.2 million of what it said were ‘trade and other receivables’. It had some $16.1 million worth of property, plant and equipment.
However, not everyone believes that Google’s disclosed finances reflect an accurate picture of the company’s local revenues – with industry figures and analysts having stated over the past several years that they believe Google to be making something between $650 million and $1 billion. As Google is not listed on the Australian Stock Exchange, it is not required to go into a great deal of detail about its local finances.
In the financial statements released last week, Google stated in the revenue recognition section of the documents that it had a number of agreements with other Google subsidiaries which guided how it recognised revenue.
”The company has a service agreement with Google Inc for the provision of research and development services, a service agreement with Google Ireland Ltd for the provision of sales and marketing services and a service agreement with Walkway Technologies US LLC for the provision of research and development services,” Google stated.
In a separate statement, a Google Australia spokesperson said: “Google complies fully with all relevant tax legislation in all the countries in which it operates, including in Australia. That means that we contribute to all relevant local and national taxation schemes – as well as providing employment for over 400 employees in Australia.”
A spokesperson for the ATO said the agency would not comment on the details of any specific taxpayer. Google’s financial accounts were audited by accounting firm Ernst & Young, and the company lists US-based global finance director Lloyd Martin and general counsel Kent Walker, as well as local director Mark Tucker, as the company’s director contacts. Google Australia lists law firm Baker & McKenzie as its company registered office.
Latest Delimiter 2.0 articles (subscriber content)
|Politicians from Australia’s major parties need to stop issuing ludicrous blanket pardons for the intelligence community’s ongoing misdemeanours and start applying a basic modicum of transparency and accountability to this important national security function.|
|The independent pro-fibre National Broadband Network movement is doing a far better job of promoting Labor’s Fibre to the Premises-based NBN policy than Labor itself. When is Labor going to wake from its slumber and start supporting this scrappy but energetic grassroots network of activists?|
|Ziggy Switkowski's first substantial public appearance since being appointed NBN Co chief executive has starkly demonstrated just how different he is from his predecessor, Mike Quigley, and just how strictly he will adhere to the guidelines which his patron, Communications Minister Malcolm Turnbull, has set for him.|
|Australian technology companies have been virtually absent from the the nation’s public stockmarket over the past decade as the stigma of the dot com bust took its toll on investor confidence. But a clutch of new listings planned for the closing months of 2013 shows renewed interest in the sector and that local entrepreneurs are smelling money in the air once again.|
|NBN Co’s Strategic Review process gives the company an unmissable opportunity to re-evaluate the early decision to deploy its FTTP network primarily through Telstra’s underground ducts. The company and its new Coalition masters must now seriously consider deploying more fibre aerially on power poles in an effort to speed up its rollout substantially.|
|That moment which many Australian technologists fervently hoped for but never expected to see has come to pass: Simon Hackett has been appointed to the board of the National Broadband Network Company. But what questions should the Internode founder be asking NBN Co’s executive management team? Here’s five ideas to start with.|
|The rapid replacement of respected NBN Co chief operating officer Ralph Steffens with a Telstra executive who appears less experienced with fibre rollouts but better politically connected represents a key signal that NBN Co’s senior executive hiring process has now become completely politicised and is no longer independent from the Federal Government.|
Enterprise IT, Featured, News - Dec 11, 2013 13:07 - 1 Comment
“Diabolical mess”, “Scandal of epic proportions”: NT ICT Minister damns Fujitsu to hell in extraordinary rant
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News, Telecommunications - Dec 11, 2013 12:29 - 33 Comments
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Blog, Industry, Startups - Dec 10, 2013 10:19 - 0 Comments
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Digital Rights, News - Dec 10, 2013 18:57 - 0 Comments
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