FORTUNE -- The Australian Financial Review added some local color Wednesday to the Apple (AAPL) tax haven story that was such big news in the U.S. one day last May. (The smartest take on it, for my money, was the one Jon Stewart delivered on the The Daily Show the next night.)
A lot of the detail in the documents Apple filed with the U.S. Senate Permanent Subcommittee on Investigations was redacted. But it turns out that as a registered foreign company doing business in Australia, Apple was required to file annual financial statements with the Australian government.
The Review got their hands on those statements and used them to produce a series of charts (attached above and below) that do a pretty good job showing how the company, by funneling untaxed profits from a high-tax country like Australia to its tax haven in Ireland, was able to reduce its local federal tax rate to less than 1%.
One caveat: The financial statements the Review obtained only cover the years 2000 to 2009. Its editors had to extrapolate in order to extend the data to 2013. And because the really big money started pouring in after 2009, those eye-popping numbers in the 2010-2013 charts should be taken with a grain of salt.
Below: The Review's data.
It's a good thing for Apple that most people won't read the Senate subcommittee's report.
FORTUNE -- The 40-page case study on Apple's (AAPL) overseas tax strategies submitted by the Senate's Permanent Subcommittee on Investigations Monday is not an easy read.
The 10-page overview of tax principles and law in the middle -- a history of how a program to block the use of offshore tax havens begun by President Kennedy was MOREPhilip Elmer-DeWitt - May 21, 2013 7:33 AM ET
|Michaels hack hit 3 million|
|Wealthy investors flock to fine art funds|
|GM's recalled Cobalt was a failure from the start|
|Stocks end week up over 2%|
|Detroit pension cuts hit civilian workers hardest|