Rupert Murdoch and his corporate criminal tax fiddle – » The Australian Independent Media Network

Newscorp loaned Foxtel $900M with an interest rate of 12%.

A report by Michael West describes Foxtel was spitting cash (highly profitable) at the time of the loan and there was no requirement for the loan.

The interest repayments from Foxtel to News resulted in Foxtel reducing their tax to the ATO to zero, Foxtel generated $6 Billion in revenue over 3 years and paid no tax.

If Foxtel had no requirement for the loan it can be argued that Newscorp, Foxtel and their tax lawyers and accountants conspired to draw up a loan agreement for the sole purpose to defraud the ATO of taxable income.

via Rupert Murdoch and his corporate criminal tax fiddle – » The Australian Independent Media Network

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