Sony sold AU$548.4 million-worth of goods in Australia last year

The local arm of the Japanese multinational has reported AU$5.5 million in after-tax profit for the 2018 financial year.

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Sony Australia has made its financial results for 2017-18 available to the Australian Securities and Investments Commission (ASIC), reporting AU$5.5 million in after-tax profit.

The local arm of the Japanese giant made AU$492 million in revenue during the 12 months to March 31, 2018, comprised almost entirely of the sale of goods and services in Australia.

Profit before tax for the year was AU$8.2 million, with the company paying an income tax expense of AU$2.7 million, up from the AU$577,000 in tax paid a year prior. Deferred tax assets were listed as AU$10.9 million.

Sony Australia's 2016-17 profit was AU$6.7 million.

For the most recent financial year, receipts from customers totalled AU$548.4 million and payments to suppliers and employees was AU$599.6 million.

In Australia, Sony offers consumer electronics, mobile, gaming, movies, music, network services, financial services, and professional technology services.

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Sony Overseas Holdings BV is the immediate parent entity of Sony Australia and the ultimate parent of the company is Sony Corporation registered in Japan.

In a list of the top 25 global technology companies by market cap posted earlier this month, Sony came in at number 22.

The Australian government legislated a new Diverted Profits Tax (DPT) in March last year, which is intended to prevent the practice of multinational organisations shifting profits made in Australia offshore to avoid paying tax.

The DPT will hit multinationals with global revenue of more than AU$1 billion and Australian revenue of greater than AU$25 million with a 40 percent tax on all profits.

The tax is expected to see AU$100 million in revenue per year from 2018-19 stay on Australian soil.

The new legislation mirrors a law implemented in the United Kingdom, which is nicknamed the Google Tax after the search engine giant was ordered to pay the UK government £130 million in back taxes.

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