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    REA   AU000000REA9

REA GROUP LIMITED

(REA)
  Report
Delayed Australian Stock Exchange  -  10:44 2022-11-30 pm EST
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REA : Tax Transparency Report 2022

09/23/2022 | 01:30am EST

Tax Transparency Report 2022

Changing the way the world experiences property

Tax Transparency Report 2022

Contents

03 CFO Message

04 Overview of REA Group

  1. Tax strategy, policy and governance
  2. International operations
  3. Tax collections and contributions
  1. Basis of preparation

CFO message

I am pleased to present the FY22 Voluntary Tax Transparency Report for REA Group, which provides a summary of the $388.4 million in taxes paid, collected and remitted by REA for the financial year ended 30 June 2022.

This report covers REA Group Ltd and its controlled entities (referred to hereafter as 'REA' or 'REA Group').

FY22 has been an exceptional year for REA, reflecting a solid recovery from

  1. challenging COVID-19 impacted environment in FY21 and FY20. The result is underpinned by strong growth in Australian residential revenues, alongside significant milestones achieved in the property data, financial services and India businesses during the year.

We would like to take this opportunity to reiterate our appreciation to the State and Federal tax authorities,

in particular the Australian Taxation Office, for their positive engagement and flexibility in supporting REA and the wider business community navigate the uncertainties posed by the pandemic over the past two years.

We continue to be committed to responsible and sustainable business practices in everything we do at REA Group. This extends to our pledge to provide increased tax transparency and adopt the Board of Taxation's Voluntary Tax Transparency Code. REA supports the Voluntary Tax Transparency Code as part of our responsibility to pay the right amount of tax and comply with all tax laws.

REA values the close collegial relationships it has maintained with its external stakeholders, in particular with Australian government bodies. We seek to engage with regulators, tax authorities, external advisors and industry groups in an ethical, transparent and professional manner.

In FY22, REA collaborated closely with government and industry bodies on tax reform agendas and public interest issues, including:

  • Working with a Commonwealth Treasury Working Group which provides feedback and recommendations in relation to
    the proposed OECD/G20 Inclusive Framework on Base Erosion Profit Shifting (BEPS);
  • Serving on the Executive Committee of the Corporate Tax Association, a key representative body for major companies in Australia to improve the effectiveness and integrity of the Australian corporate tax system; and
  • Serving on the Tax and Growth Committee of the Tech Council of Australia, an industry body dedicated to promoting growth in employment and talent development and partnering with government to design safe and effective regulation in the tech industry.

The information in this report should be read in conjunction with our FY22 Annual Report and complies with the standard of disclosure expected of 'large businesses' under the Voluntary Tax Transparency Code. This report is intended to assist the public in understanding REA's compliance with tax laws in Australia and global markets in which we operate.

Janelle Hopkins

Chief Financial Officer

REA Group

Tax Transparency Report 2022 | REA Group Ltd

3

Tax Transparency Report 2022

Overview of REA Group

REA Group is a leading digital property-centric business headquartered in Richmond, Victoria, Australia.

REA Group employs over 1,600 people in Australia and around 1,500 people in India.

In Australia, REA operates the leading residential and commercial property sites realestate.com.au and realcommercial.com.au, as well as a leading provider of property data services PropTrack. REA also operates the leading website dedicated to share property Flatmates.com.au, Mortgage Choice and property research site, property.com.au.

REA's other strategic investments include Simpology Pty Ltd, a leading provider of mortgage application and e-lodgement solutions for the broking and lending industries, Realtair Pty Ltd,

  1. digital platform providing end-to-end technology solutions for the real estate transaction process, Campaign Agent Pty Ltd, Australia's leading provider of Buy Now Pay Later solutions for the Australian real estate market
    and Managed Platforms Pty Ltd, an emerging Property Management software platform.

Internationally, REA Group holds a controlling interest in REA India, the operator of established brands Housing.com, Makaan.com and

More than

3,000

people

PropTiger.com. REA Group also holds a minority shareholding in Move, Inc., operator of realtor.com in the US, and PropertyGuru Group Limited, operator of leading property sites in Malaysia, Singapore, Thailand and Vietnam.

REA Group is committed to investing in the latest technology to deliver a personalised experience to customers and consumers. New knowledge generated from research and development activities enables REA Group to continue to develop the latest software and technologies, resulting in the direct creation of Australian owned intellectual property and jobs in the Australian economy.

Further details of the contributions REA Group makes to the communities in which it operates, including community partnerships and investments, can be found in REA Group's FY22 Sustainability Report.

4

REA Group Ltd | Tax Transparency Report 2022

Tax strategy, policy and governance

REA Group supports the Board of Taxation's Voluntary Tax Transparency Code (TTC) and is committed to compliance with all tax laws.

REA Group manages its taxation affairs in accordance with the REA Group Tax Governance Policy which has been endorsed by REA's Audit, Risk and Compliance Committee (ARCC).

REA Group's tax strategy is to support the business through adopting tax effective positions that comply with tax law and are founded in sound commercial rationale.

In delivering this strategy, REA Group seeks to:

  • Comply with all tax laws and regulations which apply to REA Group and its subsidiaries;
  • Pay the legally correct amount of tax;
  • Not partake in any form of tax avoidance or tax fraud;
  • Engage with regulators, tax authorities, industry groups and external advisors in an ethical, transparent and professional manner;
  • Develop, implement and maintain country specific procedures that define controls and assign responsibilities; and
  • Identify tax risks and exposures as they arise and report material risks to the ARCC.

Tax risk management framework

REA Group employs strong risk management protocols which apply not only to broader business risks, but specifically tax risks. The tax risk management framework has the purpose of:

  • Appropriately defining tax positions; and
  • Providing a framework to outline which tax positions require due consideration from the relevant levels of management, including the ARCC and Board.

These protocols drive a culture of 'doing the right thing' which promotes the effective identification, evaluation and management of all risks.

Material tax risks are reviewed as appropriate by management, external tax advisors, external auditors and the ARCC. Tax controls are regularly updated to reflect the changing business and tax landscape and Sarbanes-Oxley Act requirements, having regard to the ATO's Tax Risk Management and Governance Review Guide, supported by global best practice. REA also seeks to utilise the latest technologies and data analytics in order to further enhance its tax governance processes and capabilities.

Engagement with tax and other authorities

REA Group engages with regulators, tax authorities, industry groups and external advisors in an ethical, transparent and professional manner in the countries in which the business operates.

REA Group has continued to build on its positive relationships with revenue authorities throughout FY22 and has again initiated proactive engagement with revenue authorities over and above ongoing compliance and reporting obligations.

Tax Transparency Report 2022 | REA Group Ltd

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

REA Group Limited published this content on 23 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2022 05:29:08 UTC.


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Sales 2023 1 247 M 837 M 837 M
Net income 2023 421 M 282 M 282 M
Net Debt 2023 65,5 M 43,9 M 43,9 M
P/E ratio 2023 38,7x
Yield 2023 1,38%
Capitalization 16 291 M 10 929 M 10 929 M
EV / Sales 2023 13,1x
EV / Sales 2024 11,7x
Nbr of Employees 3 103
Free-Float 37,8%
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 123,31 AUD
Average target price 126,78 AUD
Spread / Average Target 2,81%
EPS Revisions
Managers and Directors
Owen James Wilson Chief Executive Officer & Executive Director
Janelle Hopkins Chief Financial Officer & CEO-Financial Services
Hamish Roy McLennan Chairman
Chris Venter Chief Technology Officer
Nick Dowling Independent Non-Executive Director
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