Foreign private equity funds bidding for local assets are being asked by Treasurer Jim Chalmers to agree to unprecedented tax disclosures and strict tax conditions to have their takeover deals approved. The move is aimed at preventing tax avoidance and ensuring transparency in the foreign investment process.
Foreign private equity funds bidding for local assets are being asked by Treasurer Jim Chalmers to agree to unprecedented tax disclosures and strict tax conditions to have their takeover deals approved. Dr Chalmers has personally intervened to direct the Foreign Investment Review Board to more strongly scrutinise the tax arrangements of foreign private equity funds buying and selling assets in Australia , government and industry sources said.
American, Canadian, European and Asian private equity funds and their advisers are being forced to accept a new set of tax conditions when bidding for assets. A flurry of recent takeovers by foreign private equity including InvoCare, Estia and Crown, meant Australia’s sharemarket shrank last year for the first time since 2005. The crackdown is a legacy of the PwC tax leaks scandal and appears designed to avoid a repeat of the Tax Office’sto freeze the profits from the $2.3 billion sale of Myer by US private equity giant TPG Capital in 200
Foreign Private Equity Tax Disclosures Tax Conditions Takeover Deals Treasurer Jim Chalmers Foreign Investment Review Board Tax Arrangements Australia Sharemarket Tax Avoidance Transparency
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