It's a good thing Apple is well capitalized. The Mac maker is going to need to pull from its vast reserves of riches to pay a nagging little tax bill that surfaced from the land down under this week according to published reports out of Australia.
The Brisbane Times says that the Australian Tax Office has slapped Apple with a fee of $28.5 million in back taxes. All told, the situation is born of a recent crackdown by nations across the world (but mostly in Europe) to combat corporate tax evasion.
Paperwork filed with corporate regulators around the world reveals the Australian arms of Apple, Google and eBay form part of these structures, held at arm's length from their US parents through intermediary companies located in tax havens.
Source: Brisbane Times