Australian Newsagency Blog

A blog on issues affecting Australia's newsagents, media and small business generally.

News Corp and tax

Mark Fletcher
May 10th, 2019 · No Comments

The AFR today has a story some may find interesting.

Is News Corp still paying zero tax?

News Corp did a little tax engineering just days before the election campaign started.

It’s always inspiring to see someone backing themselves, and Rupert Murdoch is putting his money where his mouth is when it comes to News Corp Australia.

On March 29 News Corp US ponied up $178 million to invest as new shares in News Australia Holdings. Apparently the $4.3 billion of existing capital was completely inadequate.

….

So how much tax does News Corp Australia pay?

Looking at cashflow, in 2018 NAH made $162 million in cash payments for tax. But that includes REA Group, its 61.6 per cent subsidiary, which paid three-quarters, or $124 million, of that.

It also includes News Corp’s 65 per cent owned NXE Australia, which owns Foxtel and Fox Sports Australia and paid $10.4 million cash tax.

News media outlets have a social responsibility to be good citizens, which includes paying their fair contribution of tax – an not managing affairs to shift untaxed income offshore, in my opinion.

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Category: Social responsibility

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