Here Rupert, have a tax refund (of $882m)

Rupert Murdoch’s News Corp received a tax refund of $882m. We found this out because News Corp had to publish their accounts in the US. The payment was filed under “foreign tax authority” (that’s us folks). In fairness, we only gave them $600m, but that grew to $882m after interest. It was one of the largest refunds ever paid by the ATO.

This, among other things, blew a large hole in Joe Hockey’s budget. Announcing the blowout, Hockey warned Australians to expect spending cuts. What a guy!

Here’s some light reading on this topic:

https://www.theguardian.com/media/2014/feb/17/rupert-murdoch-receives-882m-tax-rebate

https://www.afr.com/business/media-and-marketing/publishing/news-corp-s-882m-blew-the-budget-20140217-ixs2c

https://www.smh.com.au/business/tax-office-forced-to-pay-rupert-murdoch-880m-20140217-32weo.html

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