From the PR Watch newsletter:

Australian journalist Neil Chenoweth has revealed that Rupert Murdoch “sidestepped stamp duty of $A53 million [U.S.$41.3m] and capital gains tax of up to $A1.2 billion [U.S.$936m] by moving control of his ultimate family company, Kayarem, to the Caribbean and listing it on the Bermuda Stock Exchange (BSE) a week before News Corporation was reincorporated in the United States last November. Documents filed with the BSE show that listing Kayarem in the tax haven allowed the Murdoch family to obtain a tax benefit when it sold its controlling interest in the Queensland Press group to News Corp.” In 2001, Chenoweth’s book Virtual Murdoch was published in the UK and as Rupert Murdoch: The Untold Story of the World’s Greatest Media Wizard in the U.S. in November 2002.

SOURCE: Australian Financial Review, March 23, 2005