by Nomad
Through a special tax arrangement with the Australian government, Rupert Murdoch's New Corporation- parent company of Fox News- became the largest single factor in the shortfalls in the Australian budget.
The Australian
Financial Review is reporting a story which will probably never appear on
Fox News.
The single largest factor in the underlying deterioration of the federal budget announced by Treasurer Joe Hockey in December was a cash payout of almost $900 million to Rupert Murdoch’s News Corporation.
Despite Fox News and News Corp newspaper's near-constant drumbeat against government spending, it came right down to it, News Corp was just another corporation expecting special treatment. Documents last week revealed the company claimed a massive tax deduction- one of the largest cash payments- from the Australian Tax Office.
When the Australian budget went south, it was not due to wild spending on foolish projects or due to the military appropriations but, if these reports are true, one main factor was a record-breaking tax deduction that the Tax Office allowed the media giant.
The Guardian fills us in with other particulars:
The payment by a “foreign tax authority” was revealed in accounts published by News Corporation in the US earlier this month and related to a $2bn claim by News Corp for historic losses on currency transactions by its Australian subsidiaries.The payment was estimated to be worth $600m to News Corp but the final figure grew to $882m after interest charges.
