Compliance program 2011-12

Private equity - exiting Australia

We have issued four tax determinations: TD 2010/20, TD 2010/21, TD 2010/D7 and TD 2010/D8 to provide clarity when private equity exits Australia. We have sent letters to private equity firms reinforcing our positions as set out in the determinations and requesting private equity firms to engage with us to provide certainty when disposing of Australian target companies.

We will present information sessions to advisers, private equity firms, industry representative bodies, chartered accounting firms, legal firms and other government stakeholders on our views in this area. We have five reviews in progress and we will conduct seven additional reviews and follow-up audits where necessary in relation to the identified risks.

Sections within Large businesses

• Good tax corporate governance
• Working together
• Obtaining certainty
• Cooperative compliance
• Corporate restructures mergers and acquisitions
• Foreign residents
• Inappropriate outcomes involving consolidation
• Profit shifting
• Private equity - exiting Australia
• GST and international and cross-border transactions
• Non-resident withholding tax
• Stapled group financing
• Taxation of financial arrangements (TOFA)
• Financial supplies and GST
• Foreign partnerships
• Black-hole expenditure
• Exploration expenditure
• Tax and capital losses
• Research and development claims
• Property transactions and GST
• Superannuation funds
• Alternative fuels