Twitter Australia posts $2 million loss, fails to declare advertising revenue & More News Here

Twitter Australia paid lower than $150,000 in tax in 2021 as a climb in gross sales and advertising and marketing bills drove the corporate to a $2 million loss.

The social media platform, which is in the course of a takeover by US billionaire Elon Musk, grew its revenue by 11 per cent to $14.8 million final 12 months, however an increase in prices led to a loss that decreased the dimensions of its tax invoice. It is the newest US tech large to disclose its earnings to the Australian Securities and Investments Commission, giving perception into how a lot cash the sector makes regionally.

The firm paid earnings tax of $149,812, in contrast to $1.3 million the 12 months prior. Companies pay taxes on income, not revenue. Tech corporations comparable to Google and Meta have been criticised for funnelling cash generated in Australia to offshore accounts. Twitter doesn’t disclose in its report how a lot cash it makes from advertising on its platform regionally. It says it makes its cash in Australia by means of offering advertising and marketing, enterprise planning and analysis companies to dad or mum organisations.

The social media platform’s contribution to the Australian market seems to be significantly smaller than different worldwide tech giants. Google’s gross revenue in Australia grew 38 per cent to $7.2 billion in 2021, whereas Meta made $1.1 billion in revenue throughout the identical interval (it funnelled most of this cash offshore). However, these figures embody cash from advertising, which isn’t evident in Twitter’s native monetary report. That’s regardless of Twitter making the majority of its cash globally – 85 per cent – from advertising.

Twitter declined to remark.

Twitter’s native outcomes had been revealed as the corporate continues talks with Tesla CEO and billionaire Elon Musk a few takeover and after the departure of its longstanding native managing director, Suzy Nicoletti. Musk revised his financing plan for the $US44 billion ($62 billion) buy two weeks in the past after elevating considerations in regards to the variety of faux accounts on Twitter.

Serious doubts have hung over the deal since Musk introduced he was placing it “on hold” till Twitter offered proof to help claims that lower than 5 per cent of its accounts are powered by spambots.

Twitter has grow to be a spotlight of debates about misinformation, free speech and content material moderation globally. In Australia, the federal authorities has launched a parliamentary inquiry into on-line security, legislated to give extra powers to the eSafety Commissioner and flagged legal guidelines to assist folks unmask nameless accounts that injury their reputations.

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