The Sydney Morning Herald, 1 May 2014
Australian companies sent almost $60 billion to related parties in tax havens in 2012, with payments to Singapore and Ireland featuring high on the list, according to new data.
Due to their low tax rates, Singapore and Ireland are used by multinationals, especially technology companies such as Google and Apple, as locations for sales hubs or corporate headquarters.
In 2012 almost $40 billion was sent to Singapore, which led the payments table despite being only Australia's fourth-largest import market that year, according to Department of Foreign Affairs and Trade data. Full story